Registration No. 333-269584

1940 Act No. 811-05903

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Amendment No. 1 to Form S-6

FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933 OF SECURITIES OF UNIT INVESTMENT TRUSTS REGISTERED ON FORM N-8B-2

A.Exact name of trust:

FT 10650

B.Name of depositor:

FIRST TRUST PORTFOLIOS L.P.

C.Complete address of depositor's principal executive offices:

120 East Liberty Drive

Suite 400

Wheaton, Illinois 60187

D.Name and complete address of agents for service:

	Copy to:
JAMES A. BOWEN	ERIC F. FESS
c/o First Trust Portfolios L.P.	c/o Chapman and Cutler LLP
120 East Liberty Drive	320 South Canal Street
Suite 400	27th Floor
Wheaton, Illinois  60187	Chicago, Illinois 60606

E.Title and Amount of Securities Being Registered:

An indefinite number of Units pursuant to Rule 24f-2 promulgated under the Investment Company Act of 1940, as amended.

F.Approximate date of proposed sale to public:

As soon as practicable after the effective date of the Registration Statement.

|X| Check box if it is proposed that this filing will become effective on April 6, 2023 at 2:00 p.m. pursuant to Rule 487.

________________________________

                      Dow(R) Target 5 2Q '23 - Term 7/9/24
                    Dow(R) Target Dvd. 2Q '23 - Term 7/9/24
              S&P Dvd. Aristocrats Target 25 2Q '23 - Term 7/9/24
                       S&P Target 24 2Q '23 - Term 7/9/24
                    S&P Target SMid 60 2Q '23 - Term 7/9/24
                    Target Divsd. Dvd. 2Q '23 - Term 7/9/24
                      Target Focus 4 2Q '23 - Term 7/9/24
                Target Global Dvd. Leaders 2Q '23 - Term 7/9/24
                       Target Growth 2Q '23 - Term 7/9/24
                       Target Triad 2Q '23 - Term 7/9/24
                        Target VIP 2Q '23 - Term 7/9/24
                  Value Line(R) Target 25 2Q '23 - Term 7/9/24

                                    FT 10650

FT 10650 is a series of a unit investment trust, the FT Series. FT 10650
consists of 12 separate portfolios listed above (each, a "Trust," and
collectively, the "Trusts"). Each Trust invests in a portfolio of common
stocks ("Securities") selected by applying a specialized strategy. Each Trust
seeks above-average total return.

THE SECURITIES AND EXCHANGE COMMISSION ("SEC") HAS NOT APPROVED OR DISAPPROVED
OF THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

                                 FIRST TRUST(R)

                                  800-621-1675

                  The date of this prospectus is April 6, 2023


                               Table of Contents

Summary of Essential Information                                     3
Fee Table                                                            9
Report of Independent Registered Public Accounting Firm             13
Statements of Net Assets                                            14
Schedules of Investments                                            20
The FT Series                                                       44
Portfolios                                                          45
Risk Factors                                                        52
Backtested Hypothetical Performance Information                     57
Public Offering                                                     62
Distribution of Units                                               64
The Sponsor's Profits                                               65
The Secondary Market                                                66
How We Purchase Units                                               66
Expenses and Charges                                                66
Tax Status                                                          67
Retirement Plans                                                    71
Rights of Unit Holders                                              71
Income and Capital Distributions                                    72
Redeeming Your Units                                                73
Investing in a New Trust                                            74
Removing Securities from a Trust                                    75
Amending or Terminating the Indenture                               75
Information on the Sponsor and Trustee                              76
Other Information                                                   77

Page 2


                  Summary of Essential Information (Unaudited)

                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023

                      Sponsor: First Trust Portfolios L.P.
                      Trustee: The Bank of New York Mellon

                                                                                           The Dow(R)             The Dow(R)
                                                                                           Target 5               Target Dividend
                                                                                           Portfolio, 2nd         Portfolio, 2nd
                                                                                           Quarter 2023 Series    Quarter 2023 Series
                                                                                           ___________________    ___________________
Initial Number of Units (1)                                                                     17,646                 14,596
Fractional Undivided Interest in the Trust per Unit (1)                                       1/17,646               1/14,596
Public Offering Price:
Public Offering Price per Unit (2)                                                         $    10.000            $    10.000
   Less Initial Sales Charge per Unit (3)                                                        (.000)                 (.000)
                                                                                           ___________            ___________
Aggregate Offering Price Evaluation of Securities per Unit (4)                                  10.000                 10.000
   Less Deferred Sales Charge per Unit (3)                                                       (.135)                 (.135)
                                                                                           ___________            ___________
Redemption Price per Unit (5)                                                                    9.865                  9.865
   Less Creation and Development Fee per Unit (3)(5)                                             (.050)                 (.050)
   Less Organization Costs per Unit (5)                                                          (.055)                 (.049)
                                                                                           ___________            ___________
Net Asset Value per Unit                                                                   $     9.760            $     9.766
                                                                                           ===========            ===========
Tax Status (6)                                                                            Grantor Trust         Grantor Trust
Distribution Frequency (7)                                                                   Monthly               Monthly
Initial Distribution Date (7)                                                             May 25, 2023           May 25, 2023
Cash CUSIP Number                                                                           30330U 127             30330U 168
Reinvestment CUSIP Number                                                                   30330U 135             30330U 176
Fee Account Cash CUSIP Number                                                               30330U 143             30330U 184
Fee Account Reinvestment CUSIP Number                                                       30330U 150             30330U 192
Pricing Line Product Code                                                                       146444                 146448
Ticker Symbol                                                                                   FSISEX                 FDWCTX

First Settlement Date                                          April 11, 2023
Mandatory Termination Date (8)                                 July 9, 2024

____________

See "Notes to Summary of Essential Information" on page 8.

Page 3


                  Summary of Essential Information (Unaudited)

                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023

                      Sponsor: First Trust Portfolios L.P.
                      Trustee: The Bank of New York Mellon

                                                                        S&P Dividend           S&P                   S&P
                                                                        Aristocrats Target 25  Target 24             Target SMid 60
                                                                        Portfolio, 2nd         Portfolio, 2nd        Portfolio, 2nd
                                                                        Quarter 2023 Series    Quarter 2023 Series   Quarter 2023 Series
                                                                        ___________________    ___________________   ___________________
Initial Number of Units (1)                                                  12,854                 26,994                13,395
Fractional Undivided Interest in the Trust per Unit (1)                    1/12,854               1/26,994              1/13,395
Public Offering Price:
Public Offering Price per Unit (2)                                      $    10.000            $    10.000           $    10.000
   Less Initial Sales Charge per Unit (3)                                     (.000)                 (.000)                (.000)
                                                                        ___________            ___________           ___________
Aggregate Offering Price Evaluation of Securities per Unit (4)               10.000                 10.000                10.000
   Less Deferred Sales Charge per Unit (3)                                    (.135)                 (.135)                (.135)
                                                                        ___________            ___________           ___________
Redemption Price per Unit (5)                                                 9.865                  9.865                 9.865
   Less Creation and Development Fee per Unit (3)(5)                          (.050)                 (.050)                (.050)
   Less Organization Costs per Unit (5)                                       (.027)                 (.041)                (.057)
                                                                        ___________            ___________           ___________
Net Asset Value per Unit                                                $     9.788            $     9.774           $     9.758
                                                                        ===========            ===========           ===========
Tax Status (6)                                                             RIC                Grantor Trust               RIC
Distribution Frequency (7)                                               Monthly                 Monthly             Semi-Annually
Initial Distribution Date (7)                                          May 25, 2023            May 25, 2023          June 25, 2023
Cash CUSIP Number                                                        30330U 200              30330U 242            30330U 408
Reinvestment CUSIP Number                                                30330U 218              30330U 259            30330U 416
Fee Account Cash CUSIP Number                                            30330U 226              30330U 267            30330U 424
Fee Account Reinvestment CUSIP Number                                    30330U 234              30330U 275            30330U 432
Pricing Line Product Code                                                    146486                  146452                146464
Ticker Symbol                                                                FXNXUX                  FJUQPX                FDCUNX

First Settlement Date                                          April 11, 2023
Mandatory Termination Date (8)                                 July 9, 2024

____________

See "Notes to Summary of Essential Information" on page 8.

Page 4


                  Summary of Essential Information (Unaudited)

                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023

                      Sponsor: First Trust Portfolios L.P.
                      Trustee: The Bank of New York Mellon

                                                                                         Target
                                                                                         Diversified Dividend    Target Focus Four
                                                                                         Portfolio, 2nd          Portfolio, 2nd
                                                                                         Quarter 2023 Series     Quarter 2023 Series
                                                                                         ____________________    ___________________
Initial Number of Units (1)                                                                   17,996                  45,962
Fractional Undivided Interest in the Trust per Unit (1)                                     1/17,996                1/45,962
Public Offering Price:
Public Offering Price per Unit (2)                                                       $    10.000             $    10.000
   Less Initial Sales Charge per Unit (3)                                                      (.000)                  (.000)
                                                                                         ___________             ___________
Aggregate Offering Price Evaluation of Securities per Unit (4)                                10.000                  10.000
   Less Deferred Sales Charge per Unit (3)                                                     (.135)                  (.135)
                                                                                         ___________             ___________
Redemption Price per Unit (5)                                                                  9.865                   9.865
   Less Creation and Development Fee per Unit (3)(5)                                           (.050)                  (.050)
   Less Organization Costs per Unit (5)                                                        (.037)                  (.058)
                                                                                         ___________             ___________
Net Asset Value per Unit                                                                 $     9.778             $     9.757
                                                                                         ===========             ===========
Tax Status (6)                                                                               RIC                      RIC
Distribution Frequency (7)                                                                 Monthly               Semi-Annually
Initial Distribution Date (7)                                                            May 25, 2023            June 25, 2023
Cash CUSIP Number                                                                          30330U 283              30330U 440
Reinvestment CUSIP Number                                                                  30330U 291              30330U 457
Fee Account Cash CUSIP Number                                                              30330U 309              30330U 465
Fee Account Reinvestment CUSIP Number                                                      30330U 317              30330U 473
Pricing Line Product Code                                                                      146456                  146494
Ticker Symbol                                                                                  FUYHZX                  FBGMYX

First Settlement Date                                          April 11, 2023
Mandatory Termination Date (8)                                 July 9, 2024

____________

See "Notes to Summary of Essential Information" on page 8.

Page 5


                  Summary of Essential Information (Unaudited)

                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023

                      Sponsor: First Trust Portfolios L.P.
                      Trustee: The Bank of New York Mellon

                                                                       Target Global
                                                                       Dividend Leaders   Target
                                                                       Portfolio, 2nd     Growth                Target Triad
                                                                       Quarter 2023       Portfolio, 2nd        Portfolio, 2nd
                                                                       Series             Quarter 2023 Series   Quarter 2023 Series
                                                                       _________________  ___________________   ___________________
Initial Number of Units (1)                                                 12,051             17,409                28,650
Fractional Undivided Interest in the Trust per Unit (1)                   1/12,051           1/17,409              1/28,650
Public Offering Price:
Public Offering Price per Unit (2)                                     $    10.000        $    10.000           $    10.000
   Less Initial Sales Charge per Unit (3)                                    (.000)             (.000)                (.000)
                                                                       ___________        ___________           ___________
Aggregate Offering Price Evaluation of Securities per Unit (4)              10.000             10.000                10.000
   Less Deferred Sales Charge per Unit (3)                                   (.135)             (.135)                (.135)
                                                                       ___________        ___________           ___________
Redemption Price per Unit (5)                                                9.865              9.865                 9.865
   Less Creation and Development Fee per Unit (3)(5)                         (.050)             (.050)                (.050)
   Less Organization Costs per Unit (5)                                      (.020)             (.049)                (.052)
                                                                       ___________        ___________           ___________
Net Asset Value per Unit                                               $     9.795        $     9.766           $     9.763
                                                                       ===========        ===========           ===========
Tax Status (6)                                                             RIC                 RIC                   RIC
Distribution Frequency (7)                                               Monthly          Semi-Annually         Semi-Annually
Initial Distribution Date (7)                                          May 25, 2023       June 25, 2023         June 25, 2023
Cash CUSIP Number                                                       30330U 325         30330U 481            30330U 523
Reinvestment CUSIP Number                                               30330U 333         30330U 499            30330U 531
Fee Account Cash CUSIP Number                                           30330U 341         30330U 507            30330U 549
Fee Account Reinvestment CUSIP Number                                   30330U 358         30330U 515            30330U 556
Pricing Line Product Code                                                   146490             146426                146430
Ticker Symbol                                                               FZKFJX             FXEGRX                FIIADX

First Settlement Date                                          April 11, 2023
Mandatory Termination Date (8)                                 July 9, 2024

____________

See "Notes to Summary of Essential Information" on page 8.

Page 6


                  Summary of Essential Information (Unaudited)

                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023

                      Sponsor: First Trust Portfolios L.P.
                      Trustee: The Bank of New York Mellon

                                                                                                                Value Line(R)
                                                                                                                Target 25
                                                                                          Target VIP            Portfolio, 2nd
                                                                                          Portfolio, 2nd        Quarter 2023
                                                                                          Quarter 2023 Series   Series
                                                                                          ___________________   ______________
Initial Number of Units (1)                                                                   161,988                22,269
Fractional Undivided Interest in the Trust per Unit (1)                                     1/161,988              1/22,269
Public Offering Price:
Public Offering Price per Unit (2)                                                        $    10.000           $    10.000
   Less Initial Sales Charge per Unit (3)                                                       (.000)                (.000)
                                                                                          ___________           ___________
Aggregate Offering Price Evaluation of Securities per Unit (4)                                 10.000                10.000
   Less Deferred Sales Charge per Unit (3)                                                      (.135)                (.135)
                                                                                          ___________           ___________
Redemption Price per Unit (5)                                                                   9.865                 9.865
   Less Creation and Development Fee per Unit (3)(5)                                            (.050)                (.050)
   Less Organization Costs per Unit (5)                                                         (.042)                (.052)
                                                                                          ___________           ___________
Net Asset Value per Unit                                                                  $     9.773           $     9.763
                                                                                          ===========           ===========
Tax Status (6)                                                                                 RIC              Grantor Trust
Distribution Frequency (7)                                                                Semi-Annually            Monthly
Initial Distribution Date (7)                                                             June 25, 2023         May 25, 2023
Cash CUSIP Number                                                                          30330U 564            30330U 366
Reinvestment CUSIP Number                                                                  30330U 572            30330U 374
Fee Account Cash CUSIP Number                                                              30330U 580            30330U 382
Fee Account Reinvestment CUSIP Number                                                      30330U 598            30330U 390
Pricing Line Product Code                                                                      146468                146460
Ticker Symbol                                                                                  FQCTMX                FZTWMX

First Settlement Date                                           April 11, 2023
Mandatory Termination Date (8)                                  July 9, 2024

____________

See "Notes to Summary of Essential Information" on page 8.

Page 7


                   NOTES TO SUMMARY OF ESSENTIAL INFORMATION

(1) As of the Evaluation Time on April 10, 2023, we may adjust the number of
Units of a Trust so that the Public Offering Price per Unit will equal
approximately $10.00. If we make such an adjustment, the fractional undivided
interest per Unit will vary from the amounts indicated above.

(2) The Public Offering Price shown above reflects the value of the Securities
on the business day prior to the Initial Date of Deposit. No investor will
purchase Units at this price. The price you pay for your Units will be based
on their valuation at the Evaluation Time on the date you purchase your Units.
On the Initial Date of Deposit, the Public Offering Price per Unit will not
include any accumulated dividends on the Securities. After this date, a pro
rata share of any accumulated dividends on the Securities will be included.

(3) You will pay a maximum sales charge of 1.85% of the Public Offering Price
per Unit (equivalent to 1.85% of the net amount invested) which consists of an
initial sales charge, a deferred sales charge and a creation and development
fee. The sales charges are described in the "Fee Table."

(4) Each listed Security is valued at its last closing sale price on the
relevant stock exchange at the Evaluation Time on the business day prior to
the Initial Date of Deposit. If a Security is not listed, or if no closing
sale price exists, it is generally valued at its closing ask price on such
date. See "Public Offering-The Value of the Securities." The value of foreign
Securities trading in non-U.S. currencies is determined by converting the
value of such Securities to their U.S. dollar equivalent based on the currency
exchange rate for the currency in which a Security is generally denominated at
the Evaluation Time on the business day prior to the Initial Date of Deposit.
Evaluations for purposes of determining the purchase, sale or redemption price
of Units are made as of the close of trading on the New York Stock Exchange
("NYSE") (generally 4:00 p.m. Eastern time) on each day on which it is open
(the "Evaluation Time").

(5) The creation and development fee and estimated organization costs per Unit
will be deducted from the assets of a Trust at the end of the initial offering
period. If Units are redeemed prior to the close of the initial offering
period, these fees will not be deducted from the redemption proceeds. See
"Redeeming Your Units."

(6) See "Tax Status."

(7) For Trusts that are structured as grantor trusts, the Trustee will
distribute money from the Income and Capital Accounts on the twenty-fifth day
of each month to Unit holders of record on the tenth day of such month.
However, the Trustee will not distribute money if the aggregate amount in the
Income and Capital Accounts, exclusive of sale proceeds, equals less than 0.1%
of the net asset value of a Trust. Undistributed money in the Income and
Capital Accounts will be distributed in the next month in which the aggregate
amount available for distribution, exclusive of sale proceeds, exceeds 0.1% of
the net asset value of a Trust. Sale proceeds will be distributed if the
amount available for distribution equals at least $1.00 per 100 Units. For
Trusts that intend to qualify as regulated investment companies ("RICs") and
that make monthly distributions, the Trustee will distribute money from the
Income and Capital Accounts on the twenty-fifth day of each month to Unit
holders of record on the tenth day of each month if the amount available for
distribution from an account equals at least $1.00 per 100 Units. For Trusts
that intend to qualify as RICs and that make semi-annual distributions, the
Trustee will distribute money from the Income Account, as determined at the
semi-annual Record Date, semi-annually on the twenty-fifth day of each June
and December to Unit holders of record on the tenth day of such months
provided the amount in the Income Account equals at least $1.00 per 100 Units,
and the Trustee will make distributions from the Capital Account monthly on
the twenty-fifth day of each month to Unit holders of record on the tenth day
of such month provided the amount available for distribution from the Capital
Account equals at least $1.00 per 100 Units. See "Income and Capital
Distributions."

(8) See "Amending or Terminating the Indenture."

Page 8


                             Fee Table (Unaudited)

This Fee Table describes the fees and expenses that you may, directly or
indirectly, pay if you buy and hold Units of a Trust. See "Public Offering"
and "Expenses and Charges." Although the Trusts have a term of approximately
15 months and are unit investment trusts rather than mutual funds, this
information allows you to compare fees.

                                                                                                                The Dow(R)                    The Dow(R)
                                                                                                            Target 5 Portfolio        Target Dividend Portfolio
                                                                                                          2nd Quarter 2023 Series      2nd Quarter 2023 Series
                                                                                                          _______________________     _________________________

                                                                                                                      Amount                      Amount
                                                                                                                      per Unit                    per Unit
                                                                                                                      ________                    ________

Unit Holder Sales Fees (as a percentage of public offering price)

Maximum Sales Charge
   Initial sales charge                                                                                   0.00%(a)    $.000           0.00%(a)    $.000
   Deferred sales charge                                                                                  1.35%(b)    $.135           1.35%(b)    $.135
   Creation and development fee                                                                           0.50%(c)    $.050           0.50%(c)    $.050
                                                                                                          _____       _____           _____       _____
   Maximum sales charge (including creation and development fee)                                          1.85%       $.185           1.85%       $.185
                                                                                                          =====       =====           =====       =====
Organization Costs (as a percentage of public offering price)
   Estimated organization costs                                                                           .550%(d)    $.0550          .490%(d)    $.0490
                                                                                                          =====       ======          =====       ======
Estimated Annual Trust Operating Expenses(e)
(as a percentage of average net assets)
   Portfolio supervision, bookkeeping, administrative and evaluation fees                                 .059%       $.0060          .059%       $.0060
   Trustee's fee and other operating expenses                                                             .124%(f)    $.0125          .113%(f)    $.0114
                                                                                                          _____       ______          _____       ______
   Total                                                                                                  .183%       $.0185          .172%       $.0174
                                                                                                          =====       ======          =====       ======


                                                                                                          S&P Dividend Aristocrats        S&P Target 24
                                                                                                            Target 25 Portfolio             Portfolio
                                                                                                          2nd Quarter 2023 Series    2nd Quarter 2023 Series
                                                                                                          ________________________   _______________________

                                                                                                                      Amount                    Amount
                                                                                                                      per Unit                  per Unit
                                                                                                                      ________                  ________

Unit Holder Sales Fees (as a percentage of public offering price)

Maximum Sales Charge
   Initial sales charge                                                                                   0.00%(a)    $.000         0.00%(a)    $.000
   Deferred sales charge                                                                                  1.35%(b)    $.135         1.35%(b)    $.135
   Creation and development fee                                                                           0.50%(c)    $.050         0.50%(c)    $.050
                                                                                                          _____       _____         _____       _____
   Maximum sales charge (including creation and development fee)                                          1.85%       $.185         1.85%       $.185
                                                                                                          =====       =====         =====       =====
Organization Costs (as a percentage of public offering price)
   Estimated organization costs                                                                           .270%(d)    $.0270        .410%(d)    $.0410
                                                                                                          =====       ======        =====       ======
Estimated Annual Trust Operating Expenses(e)
(as a percentage of average net assets)
   Portfolio supervision, bookkeeping, administrative and evaluation fees                                 .059%       $.0060        .059%       $.0060
   Trustee's fee and other operating expenses                                                             .126%(f)    $.0127        .113%(f)    $.0114
                                                                                                          _____       ______        _____       ______
   Total                                                                                                  .185%       $.0187        .172%       $.0174
                                                                                                          =====       ======        =====       ======

Page 9


                                                                                                            S&P Target SMid 60         Target Diversified
                                                                                                                 Portfolio             Dividend Portfolio
                                                                                                          2nd Quarter 2023 Series    2nd Quarter 2023 Series
                                                                                                          _______________________    _______________________

                                                                                                                       Amount                   Amount
                                                                                                                       per Unit                 per Unit
                                                                                                                       ________                 ________
Unit Holder Sales Fees (as a percentage of public offering price)

Maximum Sales Charge
   Initial sales charge                                                                                   0.00%(a)    $.000         0.00%(a)    $.000
   Deferred sales charge                                                                                  1.35%(b)    $.135         1.35%(b)    $.135
   Creation and development fee                                                                           0.50%(c)    $.050         0.50%(c)    $.050
                                                                                                          _____       _____         _____       _____
   Maximum sales charge (including creation and development fee)                                          1.85%       $.185         1.85%       $.185
                                                                                                          =====       =====         =====       =====
Organization Costs (as a percentage of public offering price)
   Estimated organization costs                                                                           .570%(d)    $.0570        .370%(d)    $.0370
                                                                                                          =====       ======        =====       ======
Estimated Annual Trust Operating Expenses(e)
(as a percentage of average net assets)
   Portfolio supervision, bookkeeping, administrative and evaluation fees                                 .059%       $.0060        .059%       $.0060
   Trustee's fee and other operating expenses                                                             .136%(f)    $.0138        .126%(f)    $.0127
                                                                                                          _____       ______        _____       ______
   Total                                                                                                  .195%       $.0198        .185%       $.0187
                                                                                                          =====       ======        =====       ======


                                                                                     Target Focus Four        Target Global Dividend          Target Growth
                                                                                         Portfolio               Leaders Portfolio              Portfolio
                                                                                  2nd Quarter 2023 Series     2nd Quarter 2023 Series    2nd Quarter 2023 Series
                                                                                  _______________________     _______________________    _______________________

                                                                                              Amount                      Amount                    Amount
                                                                                              per Unit                    per Unit                  per Unit
                                                                                              ________                    ________                  ________
Unit Holder Sales Fees (as a percentage of public offering price)

Maximum Sales Charge
   Initial sales charge                                                          0.00%(a)     $.000           0.00%(a)     $.000        0.00%(a)     $.000
   Deferred sales charge                                                         1.35%(b)     $.135           1.35%(b)     $.135        1.35%(b)     $.135
   Creation and development fee                                                  0.50%(c)     $.050           0.50%(c)     $.050        0.50%(c)     $.050
                                                                                 _____        _____           _____        _____        _____        _____
Maximum sales charge (including creation and development fee)                    1.85%        $.185           1.85%        $.185        1.85%        $.185
                                                                                 =====        =====           =====        =====        =====        =====
Organization Costs (as a percentage of public offering price)
   Estimated organization costs                                                  .580%(d)     $.0580          .200%(d)     $.0200       .490%(d)     $.0490
                                                                                 =====        ======          =====        ======       =====        ======
Estimated Annual Trust Operating Expenses(e)
(as a percentage of average net assets)
   Portfolio supervision, bookkeeping, administrative and evaluation fees        .059%        $.0060          .059%        $.0060       .059%        $.0060
   Trustee's fee and other operating expenses                                    .136%(f)     $.0138          .126%(f)     $.0127       .136%(f)     $.0138
                                                                                 _____        ______          _____        ______       _____        ______
   Total                                                                         .195%        $.0198          .185%        $.0187       .195%        $.0198
                                                                                 =====        ======          =====        ======       =====        ======

Page 10


                                                                                       Target Triad                 Target VIP                Value Line(R)
                                                                                         Portfolio                   Portfolio             Target 25 Portfolio
                                                                                  2nd Quarter 2023 Series     2nd Quarter 2023 Series    2nd Quarter 2023 Series
                                                                                  _______________________     _______________________    _______________________

                                                                                              Amount                      Amount                    Amount
                                                                                              per Unit                    per Unit                  per Unit
                                                                                              ________                    ________                  ________
Unit Holder Sales Fees (as a percentage of public offering price)

Maximum Sales Charge
   Initial sales charge                                                          0.00%(a)     $.000          0.00%(a)     $.000        0.00%(a)     $.000
   Deferred sales charge                                                         1.35%(b)     $.135          1.35%(b)     $.135        1.35%(b)     $.135
   Creation and development fee                                                  0.50%(c)     $.050          0.50%(c)     $.050        0.50%(c)     $.050
                                                                                 _____        _____          _____        _____        _____        _____
   Maximum sales charge (including creation and development fee)                 1.85%        $.185          1.85%        $.185        1.85%        $.185
                                                                                 =====        =====          =====        =====        =====        =====
Organization Costs (as a percentage of public offering price)
   Estimated organization costs                                                  .520%(d)     $.0520         .420%(d)     $.0420       .520%(d)     $.0520
                                                                                 =====        ======         =====        ======       =====        ======
Estimated Annual Trust Operating Expenses(e)
(as a percentage of average net assets)
   Portfolio supervision, bookkeeping, administrative and evaluation fees        .059%        $.0060         .059%        $.0060       .059%        $.0060
   Trustee's fee and other operating expenses                                    .136%(f)     $.0138         .217%(f)     $.0219       .124%(f)     $.0125
                                                                                 _____        ______         _____        ______       _____        ______
   Total                                                                         .195%        $.0198         .276%        $.0279       .183%        $.0185
                                                                                 =====        ======         =====        ======       =====        ======

Page 11


                                    Example

This example is intended to help you compare the cost of investing in a Trust
with the cost of investing in other investment products. The example assumes
that you invest $10,000 in a Trust and the principal amount and distributions
are rolled every 15 months into a New Trust. The example also assumes a 5%
return on your investment each year and that your Trust's, and each New
Trust's, sales charges and expenses stay the same. The example does not take
into consideration transaction fees which may be charged by certain
broker/dealers for processing redemption requests. Although your actual costs
may vary, based on these assumptions your costs, assuming you roll your
proceeds from one trust to the next for the periods shown, would be:
                                                                               1 Year    3 Years    5 Years    10 Years
                                                                               ______    _______    _______    ________
The Dow(R) Target 5 Portfolio, 2nd Quarter 2023 Series                         $259      $794       $1,092     $2,352
The Dow(R) Target Dividend Portfolio, 2nd Quarter 2023 Series                   251       773        1,063      2,292
S&P Dividend Aristocrats Target 25 Portfolio, 2nd Quarter 2023 Series           231       711          982      2,126
S&P Target 24 Portfolio, 2nd Quarter 2023 Series                                243       749        1,031      2,227
S&P Target SMid 60 Portfolio, 2nd Quarter 2023 Series                           262       804        1,107      2,382
Target Diversified Dividend Portfolio, 2nd Quarter 2023 Series                  241       741        1,022      2,208
Target Focus Four Portfolio, 2nd Quarter 2023 Series                            263       807        1,111      2,390
Target Global Dividend Leaders Portfolio, 2nd Quarter 2023 Series               224       690          953      2,068
Target Growth Portfolio, 2nd Quarter 2023 Series                                254       780        1,075      2,317
Target Triad Portfolio, 2nd Quarter 2023 Series                                 257       789        1,087      2,341
Target VIP Portfolio, 2nd Quarter 2023 Series                                   255       784        1,088      2,344
Value Line(R) Target 25 Portfolio, 2nd Quarter 2023 Series                      256       785        1,080      2,328

If you elect not to roll your proceeds from one trust to the next, your costs
will be limited by the number of years your proceeds are invested, as set
forth above.

_____________

(a) The combination of the initial and deferred sales charge comprises what we
refer to as the "transactional sales charge." The initial sales charge is
actually equal to the difference between the maximum sales charge of 1.85% and
the sum of any remaining deferred sales charge and creation and development
fee. When the Public Offering Price per Unit equals $10, there is no initial
sales charge. If the price you pay for your Units exceeds $10 per Unit, you
will pay an initial sales charge.

(b) The deferred sales charge is a fixed dollar amount equal to $.135 per Unit
which, as a percentage of the Public Offering Price, will vary over time. The
deferred sales charge will be deducted in three monthly installments
commencing July 20, 2023.

(c) The creation and development fee compensates the Sponsor for creating and
developing the Trusts. The creation and development fee is a charge of $.050
per Unit collected at the end of the initial offering period, which is
expected to be approximately three months from the Initial Date of Deposit. If
the price you pay for your Units exceeds $10 per Unit, the creation and
development fee will be less than 0.50%; if the price you pay for your Units
is less than $10 per Unit, the creation and development fee will exceed 0.50%.
If you purchase Units after the initial offering period, you will not be
assessed the creation and development fee.

(d) Estimated organization costs, which for certain Trusts include a one-time
licensing fee, will be deducted from the assets of each Trust at the end of
the initial offering period. Estimated organization costs are assessed on a
fixed dollar amount per Unit basis which, as a percentage of average net
assets, will vary over time.

(e) Each of the fees listed herein is assessed on a fixed dollar amount per
Unit basis which, as a percentage of average net assets, will vary over time.

(f) Other operating expenses do not include brokerage costs and other portfolio
transaction fees for any of the Trusts. In certain circumstances the Trusts
may incur additional expenses not set forth above. See "Expenses and Charges."

Page 12


                             Report of Independent
                       Registered Public Accounting Firm


To the Unit Holders and the Sponsor, First Trust Portfolios L.P., of FT 10650

Opinion on the Statements of Net Assets

We have audited the accompanying statements of net assets of FT 10650,
comprising Dow(R) Target 5 2Q '23 - Term 7/9/24 (The Dow(R) Target 5
Portfolio, 2nd Quarter 2023 Series); Dow(R) Target Dvd. 2Q '23 - Term 7/9/24
(The Dow(R) Target Dividend Portfolio, 2nd Quarter 2023 Series); S&P Dvd.
Aristocrats Target 25 2Q '23 - Term 7/9/24 (S&P Dividend Aristocrats Target 25
Portfolio, 2nd Quarter 2023 Series); S&P Target 24 2Q '23 - Term 7/9/24 (S&P
Target 24 Portfolio, 2nd Quarter 2023 Series); S&P Target SMid 60 2Q '23 -
Term 7/9/24 (S&P Target SMid 60 Portfolio, 2nd Quarter 2023 Series); Target
Divsd. Dvd. 2Q '23 - Term 7/9/24 (Target Diversified Dividend Portfolio, 2nd
Quarter 2023 Series); Target Focus 4 2Q '23 - Term 7/9/24 (Target Focus Four
Portfolio, 2nd Quarter 2023 Series); Target Global Dvd. Leaders 2Q '23 - Term
7/9/24 (Target Global Dividend Leaders Portfolio, 2nd Quarter 2023 Series);
Target Growth 2Q '23 - Term 7/9/24 (Target Growth Portfolio, 2nd Quarter 2023
Series); Target Triad 2Q '23 - Term 7/9/24 (Target Triad Portfolio, 2nd
Quarter 2023 Series); Target VIP 2Q '23 - Term 7/9/24 (Target VIP Portfolio,
2nd Quarter 2023 Series); and Value Line(R) Target 25 2Q '23 - Term 7/9/24
(Value Line(R) Target 25 Portfolio, 2nd Quarter 2023 Series) (collectively,
the "Trusts"), one of the series constituting the FT Series, including the
schedules of investments, as of the opening of business on April 6, 2023
(Initial Date of Deposit), and the related notes. In our opinion, the
statements of net assets present fairly, in all material respects, the
financial position of each of the Trusts constituting FT 10650 as of the
opening of business on April 6, 2023 (Initial Date of Deposit), in conformity
with accounting principles generally accepted in the United States of America.

Basis for Opinion

These statements of net assets are the responsibility of the Trusts' Sponsor.
Our responsibility is to express an opinion on the Trusts' statements of net
assets based on our audits. We are a public accounting firm registered with
the Public Company Accounting Oversight Board (United States) (PCAOB) and are
required to be independent with respect to the Trusts in accordance with the
U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the statements of net assets are free of material
misstatement, whether due to error or fraud. The Trusts are not required to
have, nor were we engaged to perform, an audit of their internal control over
financial reporting. As part of our audits we are required to obtain an
understanding of internal control over financial reporting but not for the
purpose of expressing an opinion on the effectiveness of the Trusts' internal
control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material
misstatement of the statements of net assets, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures
included examining, on a test basis, evidence regarding the amounts and
disclosures in the statements of net assets. Our audits also included
evaluating the accounting principles used and significant estimates made by
the Trusts' Sponsor, as well as evaluating the overall presentation of the
statements of net assets. Our procedures included confirmation of the
irrevocable letter of credit held by The Bank of New York Mellon, the Trustee,
and allocated among the Trusts for the purchase of securities, as shown in the
statements of net assets, as of the opening of business on April 6, 2023, by
correspondence with the Trustee. We believe that our audits provide a
reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois
April 6, 2023

We have served as the auditor of one or more investment companies sponsored by
First Trust Portfolios L.P. since 2001.

Page 13


                            Statements of Net Assets

                                   FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                                              The Dow(R)          The Dow(R) Target
                                                                                          Target 5 Portfolio      Dividend Portfolio
                                                                                             2nd Quarter             2nd Quarter
                                                                                             2023 Series             2023 Series
                                                                                          __________________      __________________
NET ASSETS
Investment in Securities represented
   by purchase contracts (1) (2)                                                          $176,463                $145,965
Less liability for reimbursement to Sponsor
   for organization costs (3)                                                                 (971)                   (715)
Less liability for deferred sales charge (4)                                                (2,382)                 (1,970)
Less liability for creation and development fee (5)                                           (882)                   (730)
                                                                                          ________                ________
Net assets                                                                                $172,228                $142,550
                                                                                          ========                ========
Units outstanding                                                                           17,646                  14,596
Net asset value per Unit (6)                                                              $  9.760                $  9.766

ANALYSIS OF NET ASSETS
Cost to investors (7)                                                                     $176,463                $145,965
Less maximum sales charge (7)                                                               (3,264)                 (2,700)
Less estimated reimbursement to Sponsor
   for organization costs (3)                                                                 (971)                   (715)
                                                                                          ________                ________
Net assets                                                                                $172,228                $142,550
                                                                                          ========                ========

__________

See "Notes to Statements of Net Assets" on page 19.

Page 14


                            Statements of Net Assets

                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                               S&P Dividend              S&P               S&P
                                                                           Aristocrats Target 25      Target 24       Target SMid 60
                                                                                 Portfolio            Portfolio         Portfolio
                                                                                2nd Quarter          2nd Quarter       2nd Quarter
                                                                                2023 Series          2023 Series       2023 Series
                                                                           _____________________     ___________      ______________
NET ASSETS
Investment in Securities represented
   by purchase contracts (1) (2)                                           $128,538                  $269,941         $133,949
Less liability for reimbursement to Sponsor
   for organization costs (3)                                                  (347)                   (1,107)            (764)
Less liability for deferred sales charge (4)                                 (1,735)                   (3,644)          (1,808)
Less liability for creation and development fee (5)                            (643)                   (1,350)            (670)
                                                                           ________                  ________         ________
Net assets                                                                 $125,813                  $263,840         $130,707
                                                                           ========                  ========         ========
Units outstanding                                                            12,854                    26,994           13,395
Net asset value per Unit (6)                                               $  9.788                  $  9.774         $  9.758

ANALYSIS OF NET ASSETS
Cost to investors (7)                                                      $128,538                  $269,941         $133,949
Less maximum sales charge (7)                                                (2,378)                   (4,994)          (2,478)
Less estimated reimbursement to Sponsor
   for organization costs (3)                                                  (347)                   (1,107)            (764)
                                                                           ________                  ________         ________
Net assets                                                                 $125,813                  $263,840         $130,707
                                                                           ========                  ========         ========

__________

See "Notes to Statements of Net Assets" on page 19.

Page 15


                            Statements of Net Assets

                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                                      Target Diversified     Target Focus Four
                                                                                      Dividend Portfolio         Portfolio
                                                                                         2nd Quarter            2nd Quarter
                                                                                         2023 Series            2023 Series
                                                                                      __________________     _________________
NET ASSETS
Investment in Securities represented
   by purchase contracts (1) (2)                                                      $179,961               $459,618
Less liability for reimbursement to Sponsor
   for organization costs (3)                                                             (666)                (2,666)
Less liability for deferred sales charge (4)                                            (2,429)                (6,205)
Less liability for creation and development fee (5)                                       (900)                (2,298)
                                                                                      ________               ________
Net assets                                                                            $175,966               $448,449
                                                                                      ========               ========
Units outstanding                                                                       17,996                 45,962
Net asset value per Unit (6)                                                          $  9.778               $  9.757

ANALYSIS OF NET ASSETS
Cost to investors (7)                                                                 $179,961               $459,618
Less maximum sales charge (7)                                                           (3,329)                (8,503)
Less estimated reimbursement to Sponsor
   for organization costs (3)                                                             (666)                (2,666)
                                                                                      ________               ________
Net assets                                                                            $175,966               $448,449
                                                                                      ========               ========

__________

See "Notes to Statements of Net Assets" on page 19.

Page 16


                            Statements of Net Assets

                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                                  Target Global
                                                                                Dividend Leaders         Target         Target Triad
                                                                                    Portfolio       Growth Portfolio     Portfolio
                                                                                   2nd Quarter        2nd Quarter       2nd Quarter
                                                                                   2023 Series        2023 Series       2023 Series
                                                                                ________________    ________________    ____________
NET ASSETS
Investment in Securities represented
   by purchase contracts (1) (2)                                                $120,509            $174,094            $286,504
Less liability for reimbursement to Sponsor
   for organization costs (3)                                                       (241)               (853)             (1,490)
Less liability for deferred sales charge (4)                                      (1,627)             (2,350)             (3,868)
Less liability for creation and development fee (5)                                 (603)               (870)             (1,432)
                                                                                ________            ________            ________
Net assets                                                                      $118,038            $170,021            $279,714
                                                                                ========            ========            ========
Units outstanding                                                                 12,051              17,409              28,650
Net asset value per Unit (6)                                                    $  9.795            $  9.766            $  9.763

ANALYSIS OF NET ASSETS
Cost to investors (7)                                                           $120,509            $174,094            $286,504
Less maximum sales charge (7)                                                     (2,230)             (3,220)             (5,300)
Less estimated reimbursement to Sponsor
   for organization costs (3)                                                       (241)               (853)             (1,490)
                                                                                ________            ________            ________
Net assets                                                                      $118,038            $170,021            $279,714
                                                                                ========            ========            ========

__________

See "Notes to Statements of Net Assets" on page 19.

Page 17


                            Statements of Net Assets

                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                                                             Value Line(R)
                                                                                          Target VIP           Target 25
                                                                                           Portfolio           Portfolio
                                                                                          2nd Quarter         2nd Quarter
                                                                                          2023 Series         2023 Series
                                                                                          ___________        _____________
NET ASSETS
Investment in Securities represented
   by purchase contracts (1) (2)                                                          $1,619,879         $222,687
Less liability for reimbursement to Sponsor
   for organization costs (3)                                                                 (6,803)          (1,158)
Less liability for deferred sales charge (4)                                                 (21,868)          (3,006)
Less liability for creation and development fee (5)                                           (8,099)          (1,113)
                                                                                          __________         ________
Net assets                                                                                $1,583,109         $217,410
                                                                                          ==========         ========
Units outstanding                                                                            161,988           22,269
Net asset value per Unit (6)                                                              $    9.773         $  9.763

ANALYSIS OF NET ASSETS
Cost to investors (7)                                                                     $1,619,879         $222,687
Less maximum sales charge (7)                                                                (29,967)          (4,119)
Less estimated reimbursement to Sponsor
   for organization costs (3)                                                                 (6,803)          (1,158)
                                                                                          __________         ________
Net assets                                                                                $1,583,109         $217,410
                                                                                          ==========         ========

__________

See "Notes to Statements of Net Assets" on page 19.

Page 18


                       NOTES TO STATEMENTS OF NET ASSETS

Each Trust is registered as a unit investment trust under the Investment Company
Act of 1940. The Sponsor is responsible for the preparation of financial
statements in accordance with accounting principles generally accepted in the
United States which require the Sponsor to make estimates and assumptions that
affect amounts reported herein. Actual results could differ from those
estimates. The Trusts are structured as either regulated investment companies
("RICs") or grantor trusts ("grantors"). Those structured as RICs intend to
comply in their initial fiscal year and thereafter with provisions of the
Internal Revenue Code applicable to RICs and as such, will not be subject to
federal income taxes on otherwise taxable income (including net realized capital
gains) distributed to Unit holders. The Trusts structured as grantors intend to
comply in their initial fiscal year as a grantor under federal tax laws. In
grantors, investors are deemed for federal tax purposes, to own the underlying
assets of the Trust directly and as such, all taxability issues are taken into
account at the Unit holder level. Income passes through to Unit holders as
realized by the Trust.

(1) Each Trust invests in a diversified portfolio of common stocks. Aggregate
cost of the Securities listed under "Schedule of Investments" for each Trust is
based on their aggregate underlying value. Each Trust has a Mandatory
Termination Date of July 9, 2024.

(2) An irrevocable letter of credit for approximately $7,600,000, issued by The
Bank of New York Mellon (approximately $300,000 has been allocated to each of
The Dow(R) Target 5 Portfolio, 2nd Quarter 2023 Series ; The Dow(R) Target
Dividend Portfolio, 2nd Quarter 2023 Series ; S&P Dividend Aristocrats Target 25
Portfolio, 2nd Quarter 2023 Series; S&P Target SMid 60 Portfolio, 2nd Quarter
2023 Series; Target Diversified Dividend Portfolio, 2nd Quarter 2023 Series;
Target Global Dividend Leaders Portfolio, 2nd Quarter 2023 Series and Target
Growth Portfolio, 2nd Quarter 2023 Series; approximately $500,000 has been
allocated to each of the S&P Target 24 Portfolio, 2nd Quarter 2023 Series;
Target Triad Portfolio, 2nd Quarter 2023 Series and Value Line(R) Target 25
Portfolio, 2nd Quarter 2023 Series ; approximately $1,000,000 has been allocated
to Target Focus Four Portfolio, 2nd Quarter 2023 Series; and approximately
$3,000,000 has been allocated to Target VIP Portfolio, 2nd Quarter 2023 Series),
has been deposited with the Trustee as collateral, covering the monies necessary
for the purchase of the Securities according to their purchase contracts.

(3) A portion of the Public Offering Price consists of an amount sufficient to
reimburse the Sponsor for all or a portion of the costs of establishing the
Trusts. The estimated organization costs range from $.0200 to $.0580 per Unit
for the Trusts. A payment will be made at the end of the initial offering period
to an account maintained by the Trustee from which the obligation of the
investors to the Sponsor will be satisfied. To the extent that actual
organization costs of a Trust are greater than the estimated amount, only the
estimated organization costs added to the Public Offering Price will be
reimbursed to the Sponsor and deducted from the assets of such Trust.

(4) Represents the amount of mandatory deferred sales charge distributions of
$.135 per Unit, payable to the Sponsor in three equal monthly installments
beginning on July 20, 2023 and on the twentieth day of each month thereafter (or
if such date is not a business day, on the preceding business day) through
September 20, 2023. If Unit holders redeem Units before September 20, 2023, they
will have to pay the remaining amount of the deferred sales charge applicable to
such Units when they redeem them.

(5) The creation and development fee ($.050 per Unit for each Trust) is payable
by a Trust on behalf of Unit holders out of assets of a Trust at the end of a
Trust's initial offering period. If Units are redeemed prior to the close of the
initial offering period, the fee will not be deducted from the proceeds.

(6) Net asset value per Unit is calculated by dividing a Trust's net assets by
the number of Units outstanding. This figure includes organization costs and the
creation and development fee, which will only be assessed to Units outstanding
at the close of the initial offering period.

(7) The aggregate cost to investors in a Trust includes a maximum sales charge
(comprised of an initial and a deferred sales charge and the creation and
development fee) computed at the rate of 1.85% of the Public Offering Price
(equivalent to 1.85% of the net amount invested, exclusive of the deferred sales
charge and the creation and development fee), assuming no reduction of the
maximum sales charge as set forth under "Public Offering."

Page 19



                            Schedules of Investments

            The Dow(R) Target 5 Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                    Percentage
                                                                    of Aggregate   Number   Market       Cost of
Ticker Symbol and                                                   Offering       of       Value per    Securities to
Name of Issuer of Securities (1)                                    Price          Shares   Share        the Trust (2)
________________________________                                    ____________   ______   _________    _____________
COMMON STOCKS (100%):
Communication Services (20%):
VZ        Verizon Communications Inc.                                20%           880      $ 40.11      $ 35,297
Consumer Staples (20%):
WBA       Walgreens Boots Alliance, Inc.                             20%           977        36.12        35,289
Industrials (20%):
MMM       3M Company                                                 20%           345       102.29        35,290
Information Technology (20%):
CSCO      Cisco Systems, Inc.                                        20%           681        51.82        35,289
Materials (20%):
DOW       Dow Inc.                                                   20%           646        54.64        35,298
                                                                    ____                                 ________
               Total Investments                                    100%                                 $176,463
                                                                    ====                                 ========
___________

See "Notes to Schedules of Investments" on page 42.

Page 20


                            Schedule of Investments

         The Dow(R) Target Dividend Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                    Percentage
                                                                    of Aggregate   Number   Market       Cost of
Ticker Symbol and                                                   Offering       of       Value per    Securities to
Name of Issuer of Securities (1)                                    Price          Shares   Share        the Trust (2)
________________________________                                    ____________   ______   _________    _____________
COMMON STOCKS (100%):
Energy (15%):
CVX       Chevron Corporation                                         5%            43      $169.88      $  7,305
MPC       Marathon Petroleum Corporation                              5%            55       132.71         7,299
VLO       Valero Energy Corporation                                   5%            54       135.09         7,295
Financials (55%):
CFG       Citizens Financial Group, Inc.                              5%           255        28.62         7,298
CMA       Comerica Incorporated                                       5%           183        39.92         7,305
FNB       F.N.B. Corporation                                          5%           648        11.27         7,303
FITB      Fifth Third Bancorp                                         5%           283        25.77         7,293
HBAN      Huntington Bancshares Incorporated                          5%           661        11.04         7,297
NYCB      New York Community Bancorp, Inc.                            5%           833         8.76         7,297
PFG       Principal Financial Group, Inc.                             5%           100        73.07         7,307
TFC       Truist Financial Corporation                                5%           228        32.02         7,301
UBSI      United Bankshares, Inc.                                     5%           216        33.76         7,292
UNM       Unum Group                                                  5%           186        39.26         7,302
VLY       Valley National Bancorp                                     5%           878         8.31         7,296
Materials (10%):
IP        International Paper Company                                 5%           206        35.47         7,307
WRK       WestRock Company                                            5%           243        30.04         7,300
Utilities (20%):
AVA       Avista Corporation                                          5%           167        43.62         7,285
BKH       Black Hills Corporation                                     5%           112        65.10         7,291
EXC       Exelon Corporation                                          5%           170        42.93         7,298
PPL       PPL Corporation                                             5%           257        28.38         7,294
                                                                    ____                                 ________
               Total Investments                                    100%                                 $145,965
                                                                    ====                                 ========

______________________

See "Notes to Schedules of Investments" on page 42.

Page 21


                            Schedule of Investments

     S&P Dividend Aristocrats Target 25 Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                    Percentage
                                                                    of Aggregate   Number   Market       Cost of
Ticker Symbol and                                                   Offering       of       Value per    Securities to
Name of Issuer of Securities (1)(3)                                 Price          Shares   Share        the Trust (2)
___________________________________                                 ____________   ______   _________    _____________
COMMON STOCKS (100%):
Consumer Discretionary (8%):
GPC       Genuine Parts Company                                       4%            32      $162.16      $  5,189
LOW       Lowe's Companies, Inc.                                      4%            26       199.43         5,185
Consumer Staples (12%):
ADM       Archer-Daniels-Midland Company                              4%            65        79.41         5,162
HRL       Hormel Foods Corporation                                    4%           127        40.49         5,142
PG        The Procter & Gamble Company                                4%            34       151.26         5,143
Energy (8%):
CVX       Chevron Corporation                                         4%            30       169.88         5,096
XOM       Exxon Mobil Corporation                                     4%            44       116.99         5,148
Financials (16%):
AFL       Aflac Incorporated                                          4%            80        64.46         5,157
CB        Chubb Limited +                                             4%            26       195.99         5,096
BEN       Franklin Resources, Inc.                                    4%           193        26.61         5,136
TROW      T. Rowe Price Group, Inc.                                   4%            47       109.59         5,151
Health Care (12%):
ABT       Abbott Laboratories                                         4%            49       104.21         5,106
JNJ       Johnson & Johnson                                           4%            31       165.61         5,134
WST       West Pharmaceutical Services, Inc.                          4%            15       346.76         5,201
Industrials (28%):
MMM       3M Company                                                  4%            50       102.29         5,114
CHRW      C.H. Robinson Worldwide, Inc.                               4%            55        93.18         5,125
CAT       Caterpillar Inc.                                            4%            24       213.53         5,125
DOV       Dover Corporation                                           4%            36       142.89         5,144
EXPD      Expeditors International of Washington, Inc.                4%            49       105.63         5,176
NDSN      Nordson Corporation                                         4%            24       211.71         5,081
GWW       W.W. Grainger, Inc.                                         4%             8       646.25         5,170
Materials (12%):
APD       Air Products and Chemicals, Inc.                            4%            18       283.88         5,110
ALB       Albemarle Corporation                                       4%            26       196.71         5,114
NUE       Nucor Corporation                                           4%            36       143.47         5,165
Utilities (4%):
ATO       Atmos Energy Corporation                                    4%            45       114.84         5,168
                                                                    ____                                 ________
               Total Investments                                    100%                                 $128,538
                                                                    ====                                 ========

______________________

See "Notes to Schedules of Investments" on page 42.

Page 22


                            Schedule of Investments

                S&P Target 24 Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                    Percentage
                                                                    of Aggregate   Number   Market       Cost of
Ticker Symbol and                                                   Offering       of       Value per    Securities to
Name of Issuer of Securities (1)(3)                                 Price          Shares   Share        the Trust (2)
___________________________________                                 ____________   ______   _________    _____________
COMMON STOCKS (100.00%):
Communication Services (9.56%):
META      Meta Platforms Inc. (Class A) *                             7.29%         93      $  211.48    $ 19,668
NFLX      Netflix, Inc. *                                             2.03%         16         342.35       5,478
OMC       Omnicom Group Inc.                                          0.24%          7          93.65         655
Consumer Discretionary (11.33%):
AZO       AutoZone, Inc. *                                            4.62%          5       2,494.44      12,472
ORLY      O'Reilly Automotive, Inc. *                                 5.41%         17         858.35      14,592
PHM       PulteGroup, Inc.                                            1.30%         60          58.63       3,518
Consumer Staples (8.54%):
GIS       General Mills, Inc.                                         3.55%        110          87.06       9,577
LW        Lamb Weston Holdings, Inc.                                  1.08%         28         104.17       2,917
MNST      Monster Beverage Corporation *                              3.91%        200          52.80      10,560
Energy (4.95%):
APA       APA Corporation                                             0.70%         50          37.99       1,899
MRO       Marathon Oil Corporation                                    0.96%        101          25.70       2,596
MPC       Marathon Petroleum Corporation                              3.29%         67         132.71       8,891
Financials (14.34%):
AON       Aon Plc (Class A) +                                         2.02%         17         321.56       5,466
MA        Mastercard Incorporated                                    10.92%         81         363.79      29,467
MSCI      MSCI Inc.                                                   1.40%          7         538.37       3,769
Health Care (14.82%):
HCA       HCA Healthcare, Inc.                                        8.94%         89         271.31      24,146
MTD       Mettler-Toledo International Inc. +*                        3.97%          7       1,529.87      10,709
DGX       Quest Diagnostics Incorporated                              1.91%         36         143.31       5,159
Industrials (9.09%):
EXPD      Expeditors International of Washington, Inc.                2.35%         60         105.63       6,338
MAS       Masco Corporation                                           1.56%         89          47.38       4,217
ODFL      Old Dominion Freight Line, Inc.                             5.18%         43         324.97      13,974
Information Technology (27.37%):
KLAC      KLA Corporation                                            10.32%         73         381.61      27,857
LRCX      Lam Research Corporation                                   12.80%         70         493.48      34,544
VRSN      VeriSign, Inc. *                                            4.25%         54         212.44      11,472
                                                                    _______                              ________
               Total Investments                                    100.00%                              $269,941
                                                                    =======                              ========

______________________

See "Notes to Schedules of Investments" on page 42.

Page 23


                            Schedule of Investments

             S&P Target SMid 60 Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                      Percentage
                                                                      of Aggregate    Number      Market       Cost of
Ticker Symbol and                                                     Offering        of          Value per    Securities to
Name of Issuer of Securities (1)(3)                                   Price           Shares      Share        the Trust (2)
___________________________________                                   ____________    ______      _________    _____________
COMMON STOCKS (100.00%):
Consumer Discretionary (17.80%):
CCS       Century Communities, Inc.                                     1.10%          24         $ 61.30      $  1,471
GT        The Goodyear Tire & Rubber Company *                          2.22%         289           10.30         2,977
KBH       KB Home                                                       2.23%          75           39.88         2,991
LAD       Lithia Motors, Inc.                                           2.23%          14          213.34         2,987
MHO       M/I Homes, Inc. *                                             1.10%          24           61.13         1,467
MTH       Meritage Homes Corporation                                    1.13%          13          116.44         1,514
TMHC      Taylor Morrison Home Corporation *                            2.22%          80           37.15         2,972
THO       Thor Industries, Inc.                                         2.23%          39           76.57         2,986
TOL       Toll Brothers, Inc.                                           2.23%          51           58.55         2,986
TPH       Tri Pointe Homes, Inc. *                                      1.11%          59           25.28         1,492
Consumer Staples (1.12%):
FDP       Fresh Del Monte Produce Inc. +                                1.12%          49           30.50         1,495
Energy (22.24%):
AR        Antero Resources Corporation *                                2.22%         124           24.00         2,976
CPE       Callon Petroleum Company *                                    1.11%          41           36.28         1,487
CHRD      Chord Energy Corporation                                      2.21%          21          140.82         2,957
CIVI      Civitas Resources, Inc.                                       1.12%          21           71.78         1,507
CNX       CNX Resources Corporation *                                   2.22%         182           16.34         2,974
BOOM      DMC Global Inc. *                                             1.11%          74           20.12         1,489
LPG       Dorian LPG Ltd. +                                             1.11%          74           20.02         1,481
DINO      HF Sinclair Corp.                                             2.23%          64           46.63         2,984
MUR       Murphy Oil Corporation                                        2.21%          76           39.00         2,964
OIS       Oil States International, Inc. *                              1.11%         180            8.28         1,490
PBF       PBF Energy Inc.                                               2.24%          71           42.20         2,996
SWN       Southwestern Energy Company *                                 2.22%         581            5.12         2,975
VTLE      Vital Energy Inc. *                                           1.13%          30           50.25         1,508
Financials (16.66%):
AMBC      Ambac Financial Group, Inc. *                                 1.11%          99           15.01         1,486
ESNT      Essent Group Ltd. +                                           2.21%          75           39.55         2,966
EZPW      EZCORP, Inc. *                                                1.11%         172            8.66         1,490
GNW       Genworth Financial, Inc. *                                    1.11%         288            5.16         1,486
MTG       MGIC Investment Corporation                                   2.22%         224           13.27         2,972
COOP      Mr. Cooper Group Inc. *                                       1.11%          36           41.43         1,491
NAVI      Navient Corporation                                           2.22%         187           15.88         2,970
RDN       Radian Group Inc.                                             1.11%          68           21.83         1,484
STWD      Starwood Property Trust, Inc. (4)                             2.23%         172           17.35         2,984
UNM       Unum Group                                                    2.23%          76           39.26         2,984

Page 24


                       Schedule of Investments (cont'd.)

             S&P Target SMid 60 Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                     Percentage
                                                                     of Aggregate     Number      Market       Cost of
Ticker Symbol and                                                    Offering         of          Value per    Securities to
Name of Issuer of Securities (1)(3)                                  Price            Shares      Share        the Trust (2)
___________________________________                                  ____________     ______      _________    _____________
Health Care (2.22%):
AZTA     Azenta Inc. *                                                 2.22%           69         $ 43.10      $  2,974
Industrials (14.39%):
AMWD     American Woodmark Corporation *                               1.11%           30           49.40         1,482
CXW      CoreCivic, Inc. *                                             1.11%          163            9.11         1,485
KAR      KAR Auction Services, Inc. *                                  1.12%          117           12.77         1,494
KEX      Kirby Corporation *                                           2.20%           43           68.67         2,953
KNX      Knight-Swift Transportation Holdings Inc.                     2.21%           54           54.95         2,967
RRX      Regal Rexnord Corp                                            2.22%           23          129.16         2,971
REZI     Resideo Technologies, Inc. *                                  1.11%           86           17.34         1,491
R        Ryder System, Inc.                                            2.20%           35           84.37         2,953
SKYW     SkyWest, Inc. *                                               1.11%           67           22.15         1,484
Information Technology (6.68%):
ARW      Arrow Electronics, Inc. *                                     2.23%           25          119.70         2,993
AVT      Avnet, Inc.                                                   2.22%           68           43.79         2,978
PLAB     Photronics, Inc. *                                            1.11%           96           15.45         1,483
SCSC     ScanSource, Inc. *                                            1.12%           51           29.43         1,501
Materials (6.66%):
CLW      Clearwater Paper Corporation *                                1.11%           47           31.58         1,484
CLF      Cleveland-Cliffs Inc. *                                       2.22%          176           16.92         2,978
MERC     Mercer International Inc. +                                   1.11%          161            9.25         1,489
X        United States Steel Corporation                               2.22%          121           24.53         2,968
Real Estate (12.23%):
DRH      DiamondRock Hospitality Company (4)                           1.11%          185            8.03         1,486
EPR      EPR Properties (4)                                            2.23%           79           37.77         2,984
PK       Park Hotels & Resorts Inc. (4)                                2.22%          249           11.94         2,973
RMAX     RE/MAX Holdings, Inc. (Class A)                               1.11%           83           17.92         1,487
RPT      RPT Realty (4)                                                1.11%          160            9.30         1,488
SRC      Spirit Realty Capital, Inc. (4)                               2.23%           77           38.79         2,987
INN      Summit Hotel Properties, Inc. (4)                             1.11%          224            6.65         1,490
XHR      Xenia Hotels & Resorts, Inc. (4)                              1.11%          118           12.60         1,487
                                                                     _______                                   ________
            Total Investments                                        100.00%                                   $133,949
                                                                     =======                                   ========

______________________
See "Notes to Schedules of Investments" on page 42.

Page 25


                            Schedule of Investments

         Target Diversified Dividend Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                      Percentage
                                                                      of Aggregate     Number      Market       Cost of
Ticker Symbol and                                                     Offering         of          Value per    Securities to
Name of Issuer of Securities (1)(3)                                   Price            Shares      Share        the Trust (2)
___________________________________                                   ____________     ______      _________    _____________
COMMON STOCKS (100.00%):
Communication Services (10.00%):
NXST        Nexstar Media Group, Inc.                                   2.50%           26         $172.75      $  4,491
SBGI        Sinclair Broadcast Group, Inc.                              2.50%          265           16.99         4,502
TDS         Telephone and Data Systems, Inc.                            2.50%          414           10.87         4,500
VZ          Verizon Communications Inc.                                 2.50%          112           40.11         4,492
Consumer Discretionary (9.98%):
ETD         Ethan Allen Interiors Inc.                                  2.50%          171           26.36         4,508
HVT         Haverty Furniture Companies, Inc.                           2.50%          142           31.63         4,491
MDC         M.D.C. Holdings, Inc.                                       2.49%          117           38.30         4,481
SMP         Standard Motor Products, Inc.                               2.49%          125           35.82         4,477
Consumer Staples (10.00%):
BG          Bunge Limited +                                             2.51%           49           92.24         4,520
SPTN        SpartanNash Company                                         2.49%          182           24.65         4,486
TSN         Tyson Foods, Inc. (Class A)                                 2.50%           75           59.96         4,497
UVV         Universal Corporation                                       2.50%           85           52.94         4,500
Energy (10.00%):
CTRA        Coterra Energy Inc.                                         2.50%          177           25.41         4,498
CPG         Crescent Point Energy Corp. +                               2.50%          596            7.55         4,500
KMI         Kinder Morgan, Inc.                                         2.50%          254           17.71         4,498
STR         Sitio Royalties Corp. (Class A)                             2.50%          185           24.36         4,507
Financials (9.99%):
ALLY        Ally Financial Inc.                                         2.50%          176           25.55         4,497
FFWM        First Foundation Inc.                                       2.50%          663            6.78         4,495
HMST        HomeStreet, Inc.                                            2.49%          255           17.60         4,488
HBNC        Horizon Bancorp, Inc.                                       2.50%          426           10.56         4,499
Health Care (10.02%):
CI          The Cigna Group                                             2.51%           17          265.88         4,520
CVS         CVS Health Corporation                                      2.51%           58           77.75         4,509
NHC         National HealthCare Corporation                             2.51%           78           57.94         4,519
PFE         Pfizer Inc.                                                 2.49%          108           41.55         4,487

Page 26


                       Schedule of Investments (cont'd.)

         Target Diversified Dividend Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                       Percentage
                                                                       of Aggregate    Number       Market       Cost of
Ticker Symbol and                                                      Offering        of           Value per    Securities to
Name of Issuer of Securities (1)(3)                                    Price           Shares       Share        the Trust (2)
___________________________________                                    ____________    ______       _________    _____________
Industrials (10.01%):
ACCO        ACCO Brands Corporation                                      2.50%         903          $ 4.98       $  4,497
CMRE        Costamare Inc. +                                             2.50%         489            9.20          4,499
GNK         Genco Shipping & Trading Limited +                           2.50%         297           15.12          4,491
TRTN        Triton International Limited +                               2.51%          73           61.88          4,517
Information Technology (10.01%):
AVT         Avnet, Inc.                                                  2.51%         103           43.79          4,510
BHE         Benchmark Electronics, Inc.                                  2.50%         196           22.96          4,500
HPQ         HP Inc.                                                      2.50%         153           29.41          4,500
VSH         Vishay Intertechnology, Inc.                                 2.50%         209           21.52          4,498
Materials (9.99%):
HUN         Huntsman Corporation                                         2.49%         169           26.56          4,489
ICL         ICL Group Ltd. +                                             2.50%         684            6.57          4,494
KRO         Kronos Worldwide, Inc.                                       2.50%         505            8.91          4,500
TROX        Tronox Holdings Plc (Class A) +                              2.50%         326           13.80          4,499
Utilities (10.00%):
NWE         NorthWestern Corporation                                     2.50%          75           59.99          4,499
NRG         NRG Energy, Inc.                                             2.50%         131           34.41          4,508
PNW         Pinnacle West Capital Corporation                            2.51%          56           80.63          4,515
UGI         UGI Corporation                                              2.49%         129           34.75          4,483
                                                                       _______                                   ________
               Total Investments                                       100.00%                                   $179,961
                                                                       =======                                   ========

______________________

See "Notes to Schedules of Investments" on page 42.

Page 27


                            Schedule of Investments

              Target Focus Four Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                        Percentage
                                                                        of Aggregate    Number       Market       Cost of
Ticker Symbol and                                                       Offering        of           Value per    Securities to
Name of Issuer of Securities (1)(3)                                     Price           Shares       Share        the Trust (2)
___________________________________                                     ____________    ______       _________    _____________
COMMON STOCKS (100.00%):
Communication Services (0.80%):
ORAN      Orange (ADR) +                                                  0.40%         149          $ 12.34      $  1,839
TEF       Telefonica, S.A. (ADR) +                                        0.40%         418             4.40         1,839
Consumer Discretionary (20.15%):
ABG       Asbury Automotive Group, Inc. *                                 0.59%          14           194.67         2,725
BKE       The Buckle, Inc.                                                0.30%          40            34.87         1,395
CCS       Century Communities, Inc.                                       0.33%          25            61.30         1,533
CROX      Crocs, Inc. *                                                   1.08%          40           123.58         4,943
FOXF      Fox Factory Holding Corp. *                                     0.70%          30           107.05         3,212
GT        The Goodyear Tire & Rubber Company *                            0.67%         298            10.30         3,069
HMC       Honda Motor Co., Ltd. (ADR) +                                   0.40%          69            26.58         1,834
IBP       Installed Building Products, Inc.                               0.42%          18           107.71         1,939
KBH       KB Home                                                         1.12%         129            39.88         5,145
LEN       Lennar Corporation                                              4.01%         177           104.03        18,413
LAD       Lithia Motors, Inc.                                             0.65%          14           213.34         2,987
MHO       M/I Homes, Inc. *                                               0.33%          25            61.13         1,528
MTH       Meritage Homes Corporation                                      0.91%          36           116.44         4,192
SKY       Skyline Champion Corporation *                                  0.55%          37            68.49         2,534
STLA      Stellantis N.V. +                                               0.40%         105            17.58         1,846
TMHC      Taylor Morrison Home Corporation *                              0.66%          82            37.15         3,046
THO       Thor Industries, Inc.                                           0.67%          40            76.57         3,063
TOL       Toll Brothers, Inc.                                             1.55%         122            58.55         7,144
TM        Toyota Motor Corporation +                                      0.40%          13           140.42         1,825
TPH       Tri Pointe Homes, Inc. *                                        0.69%         124            25.28         3,135
ULTA      Ulta Beauty, Inc. *                                             3.72%          32           534.12        17,092
Consumer Staples (2.18%):
BRBR      BellRing Brands, Inc. *                                         0.62%          81            34.93         2,829
ELF       e.l.f. Beauty, Inc. *                                           0.59%          34            80.38         2,733
FDP       Fresh Del Monte Produce Inc. +                                  0.33%          50            30.50         1,525
IPAR      Inter Parfums, Inc.                                             0.64%          21           138.91         2,917
Energy (14.00%):
AR        Antero Resources Corporation *                                  0.67%         128            24.00         3,072
CPE       Callon Petroleum Company *                                      0.33%          42            36.28         1,524
CVX       Chevron Corporation                                             1.52%          41           169.88         6,965
CHRD      Chord Energy Corporation                                        0.67%          22           140.82         3,098
CIVI      Civitas Resources, Inc.                                         0.33%          21            71.78         1,507
CNX       CNX Resources Corporation *                                     0.67%         188            16.34         3,072
BOOM      DMC Global Inc. *                                               0.33%          76            20.12         1,529
LPG       Dorian LPG Ltd. +                                               0.34%          77            20.02         1,542

Page 28


                       Schedule of Investments (cont'd.)

              Target Focus Four Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                        Percentage
                                                                        of Aggregate    Number       Market       Cost of
Ticker Symbol and                                                       Offering        of           Value per    Securities to
Name of Issuer of Securities (1)(3)                                     Price           Shares       Share        the Trust (2)
___________________________________                                     ____________    ______       _________    _____________
Energy (cont'd.):
EC        Ecopetrol S.A. (ADR) +                                          0.40%         165          $ 11.14      $  1,838
E         Eni SpA (ADR) +                                                 0.40%          62            29.48         1,828
EQNR      Equinor ASA +                                                   0.40%          63            29.30         1,846
DINO      HF Sinclair Corp.                                               0.67%          66            46.63         3,078
MPC       Marathon Petroleum Corporation                                  1.50%          52           132.71         6,901
MUR       Murphy Oil Corporation                                          0.67%          79            39.00         3,081
OIS       Oil States International, Inc. *                                0.33%         185             8.28         1,532
PBF       PBF Energy Inc.                                                 0.67%          73            42.20         3,081
PBR       Petroleo Brasileiro S.A. - Petrobras (ADR) +                    0.40%         169            10.87         1,837
SHEL      Shell Plc (ADR) +                                               0.40%          31            59.87         1,856
SWN       Southwestern Energy Company *                                   0.67%         599             5.12         3,067
SU        Suncor Energy Inc. +                                            0.40%          57            32.00         1,824
TTE       TotalEnergies SE (ADR) +                                        0.40%          29            62.72         1,819
VLO       Valero Energy Corporation                                       1.50%          51           135.09         6,890
VTLE      Vital Energy Inc. *                                             0.33%          30            50.25         1,507
Financials (25.88%):
AMBC      Ambac Financial Group, Inc. *                                   0.33%         102            15.01         1,531
BBVA      Banco Bilbao Vizcaya Argentaria, S.A. (ADR) +                   0.40%         261             7.04         1,837
BSBR      Banco Santander Brasil S.A. (ADR) +                             0.40%         353             5.21         1,839
SAN       Banco Santander S.A. (ADR) +                                    0.40%         496             3.71         1,840
BCS       Barclays Plc (ADR) +                                            0.40%         249             7.40         1,843
CFG       Citizens Financial Group, Inc.                                  1.50%         241            28.62         6,897
CMA       Comerica Incorporated                                           1.50%         173            39.92         6,906
DB        Deutsche Bank AG +                                              0.40%         180            10.20         1,836
ESNT      Essent Group Ltd. +                                             0.66%          77            39.55         3,045
EZPW      EZCORP, Inc. *                                                  0.33%         177             8.66         1,533
FNB       F.N.B. Corporation                                              1.50%         612            11.27         6,897
FITB      Fifth Third Bancorp                                             1.50%         268            25.77         6,906
GNW       Genworth Financial, Inc. *                                      0.33%         297             5.16         1,533
HSBC      HSBC Holdings Plc (ADR) +                                       0.40%          53            34.69         1,839
HBAN      Huntington Bancshares Incorporated                              1.50%         625            11.04         6,900
ING       ING Groep N.V. (ADR) +                                          0.40%         151            12.15         1,835
LYG       Lloyds Banking Group Plc (ADR) +                                0.40%         776             2.37         1,839
MFC       Manulife Financial Corporation +                                0.40%          99            18.56         1,837
MTG       MGIC Investment Corporation                                     0.67%         231            13.27         3,065
MFG       Mizuho Financial Group, Inc. (ADR) +                            0.40%         630             2.92         1,840
COOP      Mr. Cooper Group Inc. *                                         0.33%          37            41.43         1,533
NWG       Natwest Group Plc +                                             0.40%         277             6.63         1,837
NAVI      Navient Corporation                                             0.67%         193            15.88         3,065

Page 29


                       Schedule of Investments (cont'd.)

              Target Focus Four Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                        Percentage
                                                                        of Aggregate    Number       Market       Cost of
Ticker Symbol and                                                       Offering        of           Value per    Securities to
Name of Issuer of Securities (1)(3)                                     Price           Shares       Share        the Trust (2)
___________________________________                                     ____________    ______       _________    _____________
Financials (cont'd.):
NYCB      New York Community Bancorp, Inc.                                1.50%         787          $  8.76      $  6,894
PFG       Principal Financial Group, Inc.                                 1.49%          94            73.07         6,869
RDN       Radian Group Inc.                                               0.33%          70            21.83         1,528
STWD      Starwood Property Trust, Inc. (4)                               0.67%         177            17.35         3,071
TFC       Truist Financial Corporation                                    1.50%         215            32.02         6,884
UBSI      United Bankshares, Inc.                                         1.50%         204            33.76         6,887
UNM       Unum Group                                                      2.17%         254            39.26         9,972
VLY       Valley National Bancorp                                         1.50%         830             8.31         6,897
Health Care (0.67%):
AZTA      Azenta Inc. *                                                   0.67%          71            43.10         3,060
Industrials (10.95%):
AAON      AAON, Inc.                                                      0.69%          34            92.80         3,155
AMWD      American Woodmark Corporation *                                 0.33%          31            49.40         1,531
BLDR      Builders FirstSource, Inc. *                                    1.65%          88            85.96         7,564
CXW       CoreCivic, Inc. *                                               0.33%         168             9.11         1,530
WIRE      Encore Wire Corporation                                         0.44%          12           166.52         1,998
KAR       KAR Auction Services, Inc. *                                    0.33%         120            12.77         1,532
KEX       Kirby Corporation *                                             0.67%          45            68.67         3,090
KNX       Knight-Swift Transportation Holdings Inc.                       0.67%          56            54.95         3,077
RRX       Regal Rexnord Corp                                              0.67%          24           129.16         3,100
REZI      Resideo Technologies, Inc. *                                    0.33%          88            17.34         1,526
R         Ryder System, Inc.                                              0.66%          36            84.37         3,037
SKYW      SkyWest, Inc. *                                                 0.33%          69            22.15         1,528
TEX       Terex Corporation                                               0.41%          44            42.88         1,887
URI       United Rentals, Inc.                                            3.44%          45           351.27        15,807
Information Technology (7.90%):
ARW       Arrow Electronics, Inc. *                                       0.68%          26           119.70         3,112
AVT       Avnet, Inc.                                                     0.67%          70            43.79         3,065
ACLS      Axcelis Technologies, Inc. *                                    0.58%          21           126.92         2,665
FICO      Fair Isaac Corporation *                                        2.36%          16           676.62        10,826
LSCC      Lattice Semiconductor Corporation *                             1.75%          88            91.12         8,019
NOK       Nokia Corporation (ADR) +                                       0.40%         375             4.90         1,838
PLAB      Photronics, Inc. *                                              0.33%          99            15.45         1,530
SCSC      ScanSource, Inc. *                                              0.33%          52            29.43         1,530
SMCI      Super Micro Computer, Inc. *                                    0.80%          34           108.03         3,673
Materials (7.81%):
MT        ArcelorMittal (ADR) +                                           0.40%          65            28.13         1,828
CLW       Clearwater Paper Corporation *                                  0.34%          49            31.58         1,547
CLF       Cleveland-Cliffs Inc. *                                         0.67%         181            16.92         3,063
IP        International Paper Company                                     1.50%         194            35.47         6,881
MERC      Mercer International Inc. +                                     0.33%         166             9.25         1,536

Page 30


                       Schedule of Investments (cont'd.)

              Target Focus Four Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                        Percentage
                                                                        of Aggregate    Number       Market       Cost of
Ticker Symbol and                                                       Offering        of           Value per    Securities to
Name of Issuer of Securities (1)(3)                                     Price           Shares       Share        the Trust (2)
___________________________________                                     ____________    ______       _________    _____________
Materials (cont'd.):
STLD      Steel Dynamics, Inc.                                           2.40%          107          $103.22      $ 11,045
X         United States Steel Corporation                                0.67%          125            24.53         3,066
WRK       WestRock Company                                               1.50%          230            30.04         6,909
Real Estate (3.66%):
DRH       DiamondRock Hospitality Company (4)                            0.33%          191             8.03         1,534
EPR       EPR Properties (4)                                             0.67%           81            37.77         3,059
PK        Park Hotels & Resorts Inc. (4)                                 0.67%          257            11.94         3,069
RMAX      RE/MAX Holdings, Inc. (Class A)                                0.33%           85            17.92         1,523
RPT       RPT Realty (4)                                                 0.33%          165             9.30         1,535
SRC       Spirit Realty Capital, Inc. (4)                                0.67%           79            38.79         3,064
INN       Summit Hotel Properties, Inc. (4)                              0.33%          230             6.65         1,530
XHR       Xenia Hotels & Resorts, Inc. (4)                               0.33%          122            12.60         1,537
Utilities (6.00%):
AVA       Avista Corporation                                             1.50%          158            43.62         6,892
BKH       Black Hills Corporation                                        1.50%          106            65.10         6,901
EXC       Exelon Corporation                                             1.50%          161            42.93         6,912
PPL       PPL Corporation                                                1.50%          243            28.38         6,896
                                                                       _______                                    ________
             Total Investments                                         100.00%                                    $459,618
                                                                       =======                                    ========

______________________

See "Notes to Schedules of Investments" on page 42.

Page 31

                            Schedule of Investments

       Target Global Dividend Leaders Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                         Percentage
                                                                         of Aggregate  Number     Market       Cost of
Ticker Symbol and                                                        Offering      of         Value per    Securities to
Name of Issuer of Securities (1)(3)                                      Price         Shares     Share        the Trust (2)
___________________________________                                      ____________  ______     _________    _____________
COMMON STOCKS (100.00%):
Communication Services (8.00%):
ORAN        Orange (ADR) +                                                 2.00%       195        $  12.34     $  2,406
SBGI        Sinclair Broadcast Group, Inc.                                 2.00%       142           16.99        2,413
SKM         SK Telecom Co., Ltd. (ADR) +                                   2.00%       118           20.37        2,404
TEF         Telefonica, S.A. (ADR) +                                       2.00%       547            4.40        2,407
Consumer Discretionary (9.96%):
DDS         Dillard's, Inc. (Class A)                                      2.00%         8          301.90        2,415
FL          Foot Locker, Inc.                                              1.99%        59           40.72        2,402
LCII        LCI Industries                                                 1.97%        23          103.21        2,374
MDC         M.D.C. Holdings, Inc.                                          2.00%        63           38.30        2,413
STLA        Stellantis N.V. +                                              2.00%       137           17.58        2,408
Consumer Staples (2.02%):
CALM        Cal-Maine Foods, Inc.                                          2.02%        44           55.38        2,437
Energy (16.05%):
ARCH        Arch Resources Inc.                                            2.03%        18          135.96        2,447
CHRD        Chord Energy Corporation                                       1.99%        17          140.82        2,394
CIVI        Civitas Resources, Inc.                                        2.02%        34           71.78        2,440
CPG         Crescent Point Energy Corp. +                                  2.00%       319            7.55        2,408
E           Eni SpA (ADR) +                                                2.01%        82           29.48        2,417
NOG         Northern Oil and Gas, Inc.                                     2.00%        74           32.51        2,406
PBR         Petroleo Brasileiro S.A. - Petrobras (ADR) +                   2.00%       222           10.87        2,413
TRMD        TORM Plc (Class A) +                                           2.00%        82           29.45        2,415
Financials (11.00%):
ACT         Enact Holdings, Inc.                                           2.00%       106           22.79        2,416
FINV        FinVolution Group (ADR) +                                      2.00%       613            3.93        2,409
OMF         OneMain Holdings, Inc.                                         2.01%        67           36.11        2,419
RDN         Radian Group Inc.                                              1.99%       110           21.83        2,401
RITM        Rithm Capital Corp. (4)                                        1.00%       154            7.84        1,207
VCTR        Victory Capital Holdings, Inc. (Class A)                       2.00%        82           29.38        2,409
Health Care (3.99%):
GSK         GSK Plc (ADR) +                                                1.99%        64           37.45        2,397
VTRS        Viatris Inc.                                                   2.00%       246            9.80        2,411
Industrials (8.02%):
DAC         Danaos Corporation +                                           2.01%        44           55.00        2,420
GOGL        Golden Ocean Group Limited +                                   2.00%       269            8.95        2,408
SBLK        Star Bulk Carriers Corp. +                                     2.01%       117           20.68        2,420
ZIM         ZIM Integrated Shipping Services Limited +                     2.00%       137           17.62        2,414
Information Technology (2.00%):
ASX         ASE Technology Holding Co., Ltd. +                             2.00%       313            7.70        2,410

Page 32


                       Schedule of Investments (cont'd.)

       Target Global Dividend Leaders Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                         Percentage
                                                                         of Aggregate  Number     Market       Cost of
Ticker Symbol and                                                        Offering      of         Value per    Securities to
Name of Issuer of Securities (1)(3)                                      Price         Shares     Share        the Trust (2)
___________________________________                                      ____________  ______     _________    _____________
Materials (15.97%):
DOW         Dow Inc.                                                       2.00%        44         $ 54.64     $  2,404
GGB         Gerdau S.A. (ADR) +                                            2.00%       509            4.73        2,408
GEF/B       Greif, Inc. (Class B)                                          1.99%        32           75.00        2,400
IP          International Paper Company                                    2.00%        68           35.47        2,412
PKG         Packaging Corporation of America                               1.98%        17          140.39        2,387
SUZ         Suzano SA (ADR) +                                              2.00%       297            8.11        2,409
TX          Ternium S.A. (ADR) +                                           2.00%        62           38.93        2,414
VALE        Vale S.A. (ADR) +                                              2.00%       159           15.18        2,414
Real Estate (18.99%):
AIRC        Apartment Income REIT Corp. (4)                                0.99%        34           35.12        1,194
APLE        Apple Hospitality REIT, Inc. (4)                               1.00%        79           15.29        1,208
BRX         Brixmor Property Group Inc. (4)                                1.00%        58           20.84        1,209
EPR         EPR Properties (4)                                             1.00%        32           37.77        1,209
FRT         Federal Realty Investment Trust (4)                            0.97%        12           97.62        1,171
GLPI        Gaming and Leisure Properties, Inc. (4)                        1.02%        24           51.08        1,226
GTY         Getty Realty Corp. (4)                                         1.00%        35           34.49        1,207
IRM         Iron Mountain Incorporated (4)                                 0.98%        23           51.58        1,186
LAMR        Lamar Advertising Company (4)                                  0.97%        12           97.59        1,171
LTC         LTC Properties, Inc. (4)                                       1.01%        36           33.75        1,215
OHI         Omega Healthcare Investors, Inc. (4)                           1.00%        44           27.26        1,199
PCH         PotlatchDeltic Corporation (4)                                 1.01%        25           48.49        1,212
PSA         Public Storage (4)                                             1.02%         4          307.26        1,229
SVC         Service Properties Trust (4)                                   1.00%       126            9.57        1,206
SPG         Simon Property Group, Inc. (4)                                 1.00%        11          109.95        1,209
SITC        SITE Centers Corp. (4)                                         1.00%       101           11.92        1,204
SRC         Spirit Realty Capital, Inc. (4)                                1.00%        31           38.79        1,202
SKT         Tanger Factory Outlet Centers, Inc. (4)                        1.01%        63           19.22        1,211
WY          Weyerhaeuser Company (4)                                       1.01%        41           29.58        1,213
Utilities (4.00%):
CIG         Companhia Energetica de Minas Gerais-CEMIG (ADR) +             2.00%     1,062            2.27        2,411
NRG         NRG Energy, Inc.                                               2.00%        70           34.41        2,409
                                                                         _______                               ________
               Total Investments                                         100.00%                               $120,509
                                                                         =======                               ========
______________________

See "Notes to Schedules of Investments" on page 42.

Page 33


                            Schedule of Investments

                Target Growth Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                         Percentage
                                                                         of Aggregate  Number     Market       Cost of
Ticker Symbol and                                                        Offering      of         Value per    Securities to
Name of Issuer of Securities (1)(3)                                      Price         Shares     Share        the Trust (2)
___________________________________                                      ____________  ______     _________    _____________
COMMON STOCKS (100.00%):
Communication Services (3.33%):
WMG       Warner Music Group Corp. (Class A)                               3.33%       182        $   31.84    $  5,795
Consumer Discretionary (19.80%):
ABNB      Airbnb, Inc. (Class A) *                                         3.31%        50           115.34       5,767
BKNG      Booking Holdings Inc. *                                          3.01%         2         2,615.60       5,231
MELI      MercadoLibre, Inc. +*                                            3.59%         5         1,250.05       6,250
NVR       NVR, Inc. *                                                      3.18%         1         5,542.84       5,543
PHM       PulteGroup, Inc.                                                 3.33%        99            58.63       5,804
ULTA      Ulta Beauty, Inc. *                                              3.38%        11           534.12       5,875
Consumer Staples (3.35%):
LW        Lamb Weston Holdings, Inc.                                       3.35%        56           104.17       5,834
Energy (16.74%):
XOM       Exxon Mobil Corporation                                          3.36%        50           116.99       5,850
MPC       Marathon Petroleum Corporation                                   3.35%        44           132.71       5,839
PSX       Phillips 66                                                      3.36%        56           104.43       5,848
TRGP      Targa Resources Corp.                                            3.33%        77            75.28       5,797
VLO       Valero Energy Corporation                                        3.34%        43           135.09       5,809
Financials (6.62%):
MA        Mastercard Incorporated                                          3.34%        16           363.79       5,821
V         Visa Inc. (Class A)                                              3.28%        25           228.17       5,704
Health Care (3.52%):
MTD       Mettler-Toledo International Inc. +*                             3.52%         4         1,529.87       6,120
Industrials (20.05%):
BLDR      Builders FirstSource, Inc. *                                     3.36%        68            85.96       5,845
LECO      Lincoln Electric Holdings, Inc.                                  3.38%        37           158.86       5,878
ODFL      Old Dominion Freight Line, Inc.                                  3.36%        18           324.97       5,849
SAIA      Saia, Inc. *                                                     3.38%        23           256.06       5,889
URI       United Rentals, Inc.                                             3.23%        16           351.27       5,620
GWW       W.W. Grainger, Inc.                                              3.34%         9           646.25       5,816
Information Technology (19.90%):
ANET      Arista Networks, Inc. *                                          3.37%        36           162.86       5,863
AVGO      Broadcom Inc.                                                    3.25%         9           629.01       5,661
LSCC      Lattice Semiconductor Corporation *                              3.35%        64            91.12       5,832
MCHP      Microchip Technology Incorporated                                3.33%        73            79.52       5,805
MPWR      Monolithic Power Systems, Inc.                                   3.26%        12           473.32       5,680
ON        ON Semiconductor Corporation *                                   3.34%        76            76.54       5,817
Materials (6.69%):
CCK       Crown Holdings, Inc.                                             3.33%        73            79.41       5,797
RS        Reliance Steel & Aluminum Co.                                    3.36%        24           243.97       5,855
                                                                         _______                               ________
             Total Investments                                           100.00%                               $174,094
                                                                         =======                               ========
___________

See "Notes to Schedules of Investments" on page 42.

Page 34


                            Schedule of Investments

                Target Triad Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                         Percentage
                                                                         of Aggregate   Number   Market       Cost of
Ticker Symbol and                                                        Offering       of       Value per    Securities to
Name of Issuer of Securities (1)(3)                                      Price          Shares   Share        the Trust (2)
___________________________________                                      ____________   ______   _________    _____________
COMMON STOCKS (100.00%):
Communication Services (5.76%):
NXST      Nexstar Media Group, Inc.                                        0.72%         12      $  172.75    $  2,073
ORAN      Orange (ADR) +                                                   0.40%         93          12.34       1,148
SBGI      Sinclair Broadcast Group, Inc.                                   0.75%        126          16.99       2,141
TEF       Telefonica, S.A. (ADR) +                                         0.40%        260           4.40       1,144
TDS       Telephone and Data Systems, Inc.                                 0.75%        198          10.87       2,152
VZ        Verizon Communications Inc.                                      0.74%         53          40.11       2,126
WMG       Warner Music Group Corp. (Class A)                               2.00%        180          31.84       5,731
Consumer Discretionary (16.20%):
ABNB      Airbnb, Inc. (Class A) *                                         2.01%         50         115.34       5,767
BKNG      Booking Holdings Inc. *                                          1.83%          2       2,615.60       5,231
ETD       Ethan Allen Interiors Inc.                                       0.75%         81          26.36       2,135
HVT       Haverty Furniture Companies, Inc.                                0.75%         68          31.63       2,151
HMC       Honda Motor Co., Ltd. (ADR) +                                    0.40%         43          26.58       1,143
MDC       M.D.C. Holdings, Inc.                                            0.75%         56          38.30       2,145
MELI      MercadoLibre, Inc. +*                                            2.18%          5       1,250.05       6,250
NVR       NVR, Inc. *                                                      1.93%          1       5,542.84       5,543
PHM       PulteGroup, Inc.                                                 2.01%         98          58.63       5,746
SMP       Standard Motor Products, Inc.                                    0.75%         60          35.82       2,149
STLA      Stellantis N.V. +                                                0.40%         65          17.58       1,143
TM        Toyota Motor Corporation +                                       0.39%          8         140.42       1,123
ULTA      Ulta Beauty, Inc. *                                              2.05%         11         534.12       5,875
Consumer Staples (4.98%):
BG        Bunge Limited +                                                  0.74%         23          92.24       2,122
LW        Lamb Weston Holdings, Inc.                                       2.00%         55         104.17       5,729
SPTN      SpartanNash Company                                              0.75%         87          24.65       2,145
TSN       Tyson Foods, Inc. (Class A)                                      0.75%         36          59.96       2,159
UVV       Universal Corporation                                            0.74%         40          52.94       2,118
Energy (15.77%):
CTRA      Coterra Energy Inc.                                              0.75%         84          25.41       2,134
CPG       Crescent Point Energy Corp. +                                    0.75%        285           7.55       2,152
EC        Ecopetrol S.A. (ADR) +                                           0.40%        103          11.14       1,147
E         Eni SpA (ADR) +                                                  0.40%         39          29.48       1,150
EQNR      Equinor ASA +                                                    0.40%         39          29.30       1,143
XOM       Exxon Mobil Corporation                                          2.00%         49         116.99       5,733
KMI       Kinder Morgan, Inc.                                              0.75%        121          17.71       2,143
MPC       Marathon Petroleum Corporation                                   1.99%         43         132.71       5,707

Page 35


                       Schedule of Investments (cont'd.)

                Target Triad Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                         Percentage
                                                                         of Aggregate   Number   Market       Cost of
Ticker Symbol and                                                        Offering       of       Value per    Securities to
Name of Issuer of Securities (1)(3)                                      Price          Shares   Share        the Trust (2)
___________________________________                                      ____________   ______   _________    _____________
Energy (cont'd.):
PBR       Petroleo Brasileiro S.A. - Petrobras (ADR) +                     0.40%        105      $   10.87    $  1,141
PSX       Phillips 66                                                      2.01%         55         104.43       5,744
SHEL      Shell Plc (ADR) +                                                0.40%         19          59.87       1,138
STR       Sitio Royalties Corp. (Class A)                                  0.75%         88          24.36       2,144
SU        Suncor Energy Inc. +                                             0.40%         36          32.00       1,152
TRGP      Targa Resources Corp.                                            2.00%         76          75.28       5,721
TTE       TotalEnergies SE (ADR) +                                         0.39%         18          62.72       1,129
VLO       Valero Energy Corporation                                        1.98%         42         135.09       5,674
Financials (11.42%):
ALLY      Ally Financial Inc.                                              0.75%         84          25.55       2,146
BBVA      Banco Bilbao Vizcaya Argentaria, S.A. (ADR) +                    0.40%        163           7.04       1,148
BSBR      Banco Santander Brasil S.A. (ADR) +                              0.40%        220           5.21       1,146
SAN       Banco Santander S.A. (ADR) +                                     0.40%        309           3.71       1,146
BCS       Barclays Plc (ADR) +                                             0.40%        155           7.40       1,147
DB        Deutsche Bank AG +                                               0.40%        112          10.20       1,142
FFWM      First Foundation Inc.                                            0.75%        317           6.78       2,149
HMST      HomeStreet, Inc.                                                 0.75%        122          17.60       2,147
HBNC      Horizon Bancorp, Inc.                                            0.75%        204          10.56       2,154
HSBC      HSBC Holdings Plc (ADR) +                                        0.40%         33          34.69       1,145
ING       ING Groep N.V. (ADR) +                                           0.40%         94          12.15       1,142
LYG       Lloyds Banking Group Plc (ADR) +                                 0.40%        483           2.37       1,145
MFC       Manulife Financial Corporation +                                 0.40%         62          18.56       1,151
MA        Mastercard Incorporated                                          2.03%         16         363.79       5,821
MFG       Mizuho Financial Group, Inc. (ADR) +                             0.40%        392           2.92       1,145
NWG       Natwest Group Plc +                                              0.40%        173           6.63       1,147
V         Visa Inc. (Class A)                                              1.99%         25         228.17       5,704
Health Care (5.14%):
CI        The Cigna Group                                                  0.74%          8         265.88       2,127
CVS       CVS Health Corporation                                           0.76%         28          77.75       2,177
MTD       Mettler-Toledo International Inc. +*                             2.14%          4       1,529.87       6,119
NHC       National HealthCare Corporation                                  0.75%         37          57.94       2,144
PFE       Pfizer Inc.                                                      0.75%         52          41.55       2,161
Industrials (15.02%):
ACCO      ACCO Brands Corporation                                          0.75%        431           4.98       2,146
BLDR      Builders FirstSource, Inc. *                                     2.01%         67          85.96       5,759
CMRE      Costamare Inc. +                                                 0.75%        234           9.20       2,153

Page 36


                       Schedule of Investments (cont'd.)

                Target Triad Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                         Percentage
                                                                         of Aggregate   Number   Market       Cost of
Ticker Symbol and                                                        Offering       of       Value per    Securities to
Name of Issuer of Securities (1)(3)                                      Price          Shares   Share        the Trust (2)
___________________________________                                      ____________   ______   _________    _____________
Industrials (cont'd.):
GNK      Genco Shipping & Trading Limited +                                0.75%        142      $   15.12    $  2,147
LECO     Lincoln Electric Holdings, Inc.                                   2.00%         36         158.86       5,719
ODFL     Old Dominion Freight Line, Inc.                                   2.04%         18         324.97       5,849
SAIA     Saia, Inc. *                                                      1.97%         22         256.06       5,633
TRTN     Triton International Limited +                                    0.76%         35          61.88       2,166
URI      United Rentals, Inc.                                              1.96%         16         351.27       5,620
GWW      W.W. Grainger, Inc.                                               2.03%          9         646.25       5,816
Information Technology (15.35%):
ANET     Arista Networks, Inc. *                                           1.99%         35         162.86       5,700
AVT      Avnet, Inc.                                                       0.75%         49          43.79       2,146
BHE      Benchmark Electronics, Inc.                                       0.75%         94          22.96       2,158
AVGO     Broadcom Inc.                                                     1.98%          9         629.01       5,661
HPQ      HP Inc.                                                           0.75%         73          29.41       2,147
LSCC     Lattice Semiconductor Corporation *                               2.00%         63          91.12       5,741
MCHP     Microchip Technology Incorporated                                 2.00%         72          79.52       5,725
MPWR     Monolithic Power Systems, Inc.                                    1.98%         12         473.32       5,680
NOK      Nokia Corporation (ADR) +                                         0.40%        234           4.90       1,147
ON       ON Semiconductor Corporation *                                    2.00%         75          76.54       5,740
VSH      Vishay Intertechnology, Inc.                                      0.75%        100          21.52       2,152
Materials (7.36%):
MT       ArcelorMittal (ADR) +                                             0.40%         41          28.13       1,153
CCK      Crown Holdings, Inc.                                              2.00%         72          79.41       5,718
HUN      Huntsman Corporation                                              0.75%         81          26.56       2,151
ICL      ICL Group Ltd. +                                                  0.75%        327           6.57       2,148
KRO      Kronos Worldwide, Inc.                                            0.75%        241           8.91       2,147
RS       Reliance Steel & Aluminum Co.                                     1.96%         23         243.97       5,611
TROX     Tronox Holdings Plc (Class A) +                                   0.75%        156          13.80       2,153
Utilities (3.00%):
NWE      NorthWestern Corporation                                          0.75%         36          59.99       2,160
NRG      NRG Energy, Inc.                                                  0.74%         62          34.41       2,133
PNW      Pinnacle West Capital Corporation                                 0.76%         27          80.63       2,177
UGI      UGI Corporation                                                   0.75%         62          34.75       2,154
                                                                         _______                              ________
            Total Investments                                            100.00%                              $286,504
                                                                         =======                              ========
______________________

See "Notes to Schedules of Investments" on page 42.

Page 37


                            Schedule of Investments

                 Target VIP Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                                Percentage       Number   Market      Cost of
Ticker Symbol and                                                               of Aggregate     of       Value       Securities to
Name of Issuer of Securities (1)(3)                                             Offering Price   Shares   per Share   the Trust (2)
___________________________________                                             ______________   ______   _________   _____________
COMMON STOCKS (100.00%):
Communication Services (3.33%):
META            Meta Platforms Inc. (Class A) *                                   1.20%              92   $  211.48   $   19,456
NFLX            Netflix, Inc. *                                                   0.34%              16      342.35        5,478
OMC             Omnicom Group Inc.                                                0.04%               7       93.65          655
ORA FP          Orange #                                                          0.87%           1,152       12.29       14,163
VOD LN          Vodafone Group Plc #                                              0.88%          12,834        1.11       14,302
Consumer Discretionary (25.67%):
ATGE            Adtalem Global Education Inc. *                                   0.51%             218       38.09        8,304
ABG             Asbury Automotive Group, Inc. *                                   0.34%              28      194.67        5,451
AZO             AutoZone, Inc. *                                                  0.77%               5    2,494.44       12,472
BMW GY          Bayerische Motoren Werke (BMW) AG #                               0.83%             125      108.04       13,504
BJRI            BJ's Restaurants, Inc. *                                          0.20%             114       28.64        3,265
BKNG            Booking Holdings Inc. *                                           1.29%               8    2,615.60       20,925
BKE             The Buckle, Inc.                                                  0.70%             325       34.87       11,333
CAL             Caleres, Inc.                                                     0.23%             175       21.69        3,796
CHS             Chico's FAS, Inc. *                                               0.20%             616        5.22        3,215
CROX            Crocs, Inc. *                                                     0.60%              78      123.58        9,639
FOXF            Fox Factory Holding Corp. *                                       0.39%              59      107.05        6,316
GRBK            Green Brick Partners, Inc. *                                      0.47%             226       33.65        7,605
HIBB            Hibbett Inc.                                                      0.23%              61       59.76        3,645
HD              The Home Depot, Inc.                                              3.31%             186      288.67       53,693
IBP             Installed Building Products, Inc.                                 0.23%              35      107.71        3,770
KBH             KB Home                                                           0.25%             101       39.88        4,028
LZB             La-Z-Boy Incorporated                                             0.37%             212       28.17        5,972
LEN             Lennar Corporation                                                2.22%             346      104.03       35,994
MHO             M/I Homes, Inc. *                                                 0.51%             134       61.13        8,191
MBG GY          Mercedes-Benz Group AG #                                          0.83%             180       74.61       13,429
MTH             Meritage Homes Corporation                                        0.32%              45      116.44        5,240
MNRO            Monro, Inc.                                                       0.45%             156       46.95        7,324
ORLY            O'Reilly Automotive, Inc. *                                       1.59%              30      858.35       25,751
OXM             Oxford Industries, Inc.                                           0.49%              79      101.25        7,999
PATK            Patrick Industries, Inc.                                          0.44%             111       64.84        7,197
PDD             PDD Holdings Inc. (ADR) +*                                        1.19%             266       72.32       19,237
PHM             PulteGroup, Inc.                                                  0.22%              60       58.63        3,518
ROST            Ross Stores, Inc.                                                 0.48%              73      106.46        7,772
SKY             Skyline Champion Corporation *                                    0.30%              71       68.49        4,863
SAH             Sonic Automotive, Inc.                                            0.57%             180       50.82        9,148
STLAM IM        Stellantis N.V. #                                                 0.84%             772       17.57       13,563
LRN             Stride Inc. *                                                     0.48%             207       37.80        7,825
TOL             Toll Brothers, Inc.                                               0.50%             137       58.55        8,021
TPH             Tri Pointe Homes, Inc. *                                          0.19%             123       25.28        3,109
ULTA            Ulta Beauty, Inc. *                                               2.08%              63      534.12       33,650
WGO             Winnebago Industries, Inc.                                        0.51%             148       56.04        8,294
XPEL            XPEL, Inc. *                                                      0.54%             135       64.59        8,720

Page 38


                       Schedule of Investments (cont'd.)

                 Target VIP Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                                Percentage       Number   Market      Cost of
Ticker Symbol and                                                               of Aggregate     of       Value       Securities to
Name of Issuer of Securities (1)(3)                                             Offering Price   Shares   per Share   the Trust (2)
___________________________________                                             ______________   ______   _________   _____________
Consumer Staples (3.69%):
BRBR            BellRing Brands, Inc. *                                           0.34%             158   $   34.93   $    5,519
BATS LN         British American Tobacco Plc #                                    0.86%             398       34.94       13,908
CHEF            The Chefs' Warehouse, Inc. *                                      0.40%             192       33.94        6,516
ELF             e.l.f. Beauty, Inc. *                                             0.33%              67       80.38        5,385
GIS             General Mills, Inc.                                               0.59%             110       87.06        9,577
IPAR            Inter Parfums, Inc.                                               0.35%              41      138.91        5,695
LW              Lamb Weston Holdings, Inc.                                        0.17%              27      104.17        2,813
MNST            Monster Beverage Corporation *                                    0.65%             199       52.80       10,507
Energy (3.22%):
APA             APA Corporation                                                   0.12%              50       37.99        1,899
DK              Delek US Holdings, Inc.                                           0.45%             307       23.80        7,307
ENI IM          Eni SpA #                                                         0.86%             951       14.65       13,929
EQNR NO         Equinor ASA #                                                     0.84%             469       29.13       13,663
MRO             Marathon Oil Corporation                                          0.16%             100       25.70        2,570
MPC             Marathon Petroleum Corporation                                    0.55%              67      132.71        8,892
WTI             W&T Offshore, Inc. *                                              0.24%             726        5.32        3,862
Financials (12.76%):
AON             Aon Plc (Class A) +                                               0.34%              17      321.56        5,466
G IM            Assicurazioni Generali SpA #                                      0.86%             694       20.07       13,930
AVTA            Avantax Inc. *                                                    0.38%             234       25.97        6,077
BBVA SM         Banco Bilbao Vizcaya Argentaria, S.A. #                           0.86%           1,985        7.04       13,981
BNP FP          BNP Paribas S.A. #                                                0.85%             225       60.87       13,696
ACA FP          Credit Agricole S.A. #                                            0.85%           1,209       11.42       13,801
DFIN            Donnelley Financial Solutions, Inc. *                             0.35%             140       40.72        5,701
ENVA            Enova International, Inc. *                                       0.41%             153       43.25        6,617
IMXI            International Money Express, Inc. *                               0.28%             181       24.58        4,449
ISP IM          Intesa Sanpaolo SpA #                                             0.85%           5,446        2.52       13,710
MA              Mastercard Incorporated                                           1.80%              80      363.79       29,103
MSCI            MSCI Inc.                                                         0.23%               7      538.37        3,769
NMIH            NMI Holdings, Inc. (Class A) *                                    0.54%             407       21.62        8,799
NDA SS          Nordea Bank Abp #                                                 0.84%           1,297       10.53       13,656
TRV             The Travelers Companies, Inc.                                     3.32%             316      170.31       53,818
Health Care (8.14%):
ADUS            Addus HomeCare Corporation *                                      0.49%              74      108.19        8,006
AMGN            Amgen Inc.                                                        3.32%             212      253.37       53,714
AMPH            Amphastar Pharmaceuticals, Inc. *                                 0.56%             231       38.94        8,995
HCA             HCA Healthcare, Inc.                                              1.49%              89      271.31       24,147
IDXX            IDEXX Laboratories, Inc. *                                        0.53%              18      476.69        8,580
MTD             Mettler-Toledo International Inc. +*                              0.66%               7    1,529.87       10,709
MRNA            Moderna, Inc. *                                                   0.77%              81      154.61       12,523
DGX             Quest Diagnostics Incorporated                                    0.32%              36      143.31        5,159
Industrials (17.82%):
MMM             3M Company                                                        3.32%             526      102.29       53,805
AAON            AAON, Inc.                                                        0.38%              66       92.80        6,125
BLDR            Builders FirstSource, Inc. *                                      0.91%             172       85.96       14,785
CAT             Caterpillar Inc.                                                  3.32%             252      213.53       53,810

Page 39


                       Schedule of Investments (cont'd.)

                 Target VIP Portfolio, 2nd Quarter 2023 Series
                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                                Percentage       Number   Market      Cost of
Ticker Symbol and                                                               of Aggregate     of       Value       Securities to
Name of Issuer of Securities (1)(3)                                             Offering Price   Shares   per Share   the Trust (2)
___________________________________                                             ______________   ______   _________   _____________
Industrials (cont'd.):
CPRT            Copart, Inc. *                                                    0.46%             100    $  74.68   $    7,468
WIRE            Encore Wire Corporation                                           0.24%              23      166.52        3,830
ERII            Energy Recovery, Inc. *                                           0.39%             271       23.42        6,347
EPAC            Enerpac Tool Group Corp.                                          0.43%             286       24.36        6,967
EXPD            Expeditors International of Washington, Inc.                      0.39%              60      105.63        6,338
ROCK            Gibraltar Industries, Inc. *                                      0.43%             150       46.41        6,961
HLAG GY         Hapag-Lloyd AG #                                                  0.85%              43      319.67       13,746
HDSN            Hudson Technologies, Inc. *                                       0.11%             223        7.94        1,771
MRTN            Marten Transport, Ltd.                                            0.49%             396       20.01        7,924
MAS             Masco Corporation                                                 0.26%              89       47.38        4,217
ODFL            Old Dominion Freight Line, Inc.                                   1.32%              66      324.97       21,448
PCAR            PACCAR Inc                                                        0.47%             112       68.48        7,670
PGTI            PGT Innovations, Inc. *                                           0.45%             296       24.38        7,216
PRIM            Primoris Services Corporation                                     0.40%             258       25.23        6,509
TEX             Terex Corporation                                                 0.23%              85       42.88        3,645
URI             United Rentals, Inc.                                              1.89%              87      351.27       30,560
VOLVB SS        Volvo AB (Class B) #                                              0.75%             663       18.27       12,115
WNC             Wabash National Corporation                                       0.33%             238       22.48        5,350
Information Technology (20.05%):
ATEN            A10 Networks, Inc.                                                0.33%             360       14.64        5,270
AMAT            Applied Materials, Inc.                                           1.30%             180      117.32       21,118
ASML            ASML Holding N.V. (New York Registry Shares) +                    3.44%              84      663.90       55,768
ACLS            Axcelis Technologies, Inc. *                                      0.32%              41      126.92        5,204
AVGO            Broadcom Inc.                                                     3.38%              87      629.01       54,724
COHU            Cohu, Inc. *                                                      0.51%             232       35.64        8,268
DGII            Digi International Inc. *                                         0.35%             173       32.75        5,666
FICO            Fair Isaac Corporation *                                          1.30%              31      676.62       20,975
HLIT            Harmonic Inc. *                                                   0.48%             536       14.61        7,831
KLAC            KLA Corporation                                                   2.43%             103      381.61       39,305
LRCX            Lam Research Corporation                                          3.01%              99      493.48       48,855
LSCC            Lattice Semiconductor Corporation *                               0.97%             172       91.12       15,673
MCHP            Microchip Technology Incorporated                                 0.57%             117       79.52        9,304
OSIS            OSI Systems, Inc. *                                               0.51%              82      101.27        8,304
SMCI            Super Micro Computer, Inc. *                                      0.44%              66      108.03        7,130
VRSN            VeriSign, Inc. *                                                  0.71%              54      212.44       11,472
Materials (3.59%):
BAS GY          BASF SE #                                                         0.84%             258       52.73       13,603
RIO LN          Rio Tinto Plc #                                                   0.86%             211       65.82       13,887
STLD            Steel Dynamics, Inc.                                              1.33%             209      103.22       21,573
HCC             Warrior Met Coal, Inc.                                            0.56%             253       35.85        9,070
Utilities (1.73%):
ENEL IM         Enel SpA #                                                        0.87%           2,270        6.17       14,013
ENGI FP         Engie S.A. #                                                      0.86%             859       16.27       13,979
                                                                                _______                               __________
                   Total Investments                                            100.00%                               $1,619,879
                                                                                =======                               ==========
___________

See "Notes to Schedules of Investments" on page 42.

Page 40

                            Schedule of Investments

           Value Line(R) Target 25 Portfolio, 2nd Quarter 2023 Series

                                    FT 10650

    At the Opening of Business on the Initial Date of Deposit-April 6, 2023


                                                                          Percentage
                                                                          of Aggregate     Number    Market         Cost of
Ticker Symbol and                                                         Offering         of        Value per      Securities to
Name of Issuer of Securities (1)                                          Price            Shares    Share          the Trust (2)
___________________________________                                       ____________     ______    _________      _____________
COMMON STOCKS (100.00%):
Consumer Discretionary (45.57%):
ABG         Asbury Automotive Group, Inc. *                                 2.01%           23       $ 194.67       $  4,477
BKE         The Buckle, Inc.                                                1.00%           64          34.87          2,232
CROX        Crocs, Inc. *                                                   3.55%           64         123.58          7,909
FOXF        Fox Factory Holding Corp. *                                     2.36%           49         107.05          5,245
IBP         Installed Building Products, Inc.                               1.40%           29         107.71          3,124
KBH         KB Home                                                         1.50%           84          39.88          3,350
LEN         Lennar Corporation                                             13.41%          287         104.03         29,857
MTH         Meritage Homes Corporation                                      1.93%           37         116.44          4,308
SKY         Skyline Champion Corporation *                                  1.81%           59          68.49          4,041
TOL         Toll Brothers, Inc.                                             2.97%          113          58.55          6,616
TPH         Tri Pointe Homes, Inc. *                                        1.16%          102          25.28          2,579
ULTA        Ulta Beauty, Inc. *                                            12.47%           52         534.12         27,774
Consumer Staples (6.17%):
BRBR        BellRing Brands, Inc. *                                         2.06%          131          34.93          4,576
ELF         e.l.f. Beauty, Inc. *                                           1.99%           55          80.38          4,421
IPAR        Inter Parfums, Inc.                                             2.12%           34         138.91          4,723
Industrials (21.92%):
AAON        AAON, Inc.                                                      2.29%           55          92.80          5,104
BLDR        Builders FirstSource, Inc. *                                    5.48%          142          85.96         12,206
WIRE        Encore Wire Corporation                                         1.42%           19         166.52          3,164
TEX         Terex Corporation                                               1.37%           71          42.88          3,045
URI         United Rentals, Inc.                                           11.36%           72         351.27         25,291
Information Technology (18.32%):
ACLS        Axcelis Technologies, Inc. *                                    1.94%           34         126.92          4,315
FICO        Fair Isaac Corporation *                                        7.90%           26         676.62         17,592
LSCC        Lattice Semiconductor Corporation *                             5.81%          142          91.12         12,939
SMCI        Super Micro Computer, Inc. *                                    2.67%           55         108.03          5,942
Materials (8.02%):
STLD        Steel Dynamics, Inc.                                            8.02%          173         103.22         17,857
                                                                          _______                                   ________
                 Total Investments                                        100.00%                                   $222,687
                                                                          =======                                   ========

___________

See "Notes to Schedules of Investments" on page 42.

Page 41


                       NOTES TO SCHEDULES OF INVESTMENTS

(1) All Securities are represented by regular way contracts to purchase such
Securities which are backed by an irrevocable letter of credit deposited with
the Trustee. The Sponsor entered into purchase contracts for the Securities on
April 5, 2023 and April 6, 2023. Such purchase contracts are expected to
settle within two business days.

(2) The cost of the Securities to a Trust represents the aggregate underlying
value with respect to the Securities acquired-generally determined by the
closing sale prices of the Securities on the applicable exchange (where
applicable, converted into U.S. dollars at the exchange rate at the Evaluation
Time) at the Evaluation Time on the business day prior to the Initial Date of
Deposit. The Sponsor at its discretion, may make adjustments to the prices of
Securities held by a Trust if an event occurs after the close of the market on
which a Security normally trades but before the Evaluation Time, depending on
the nature and significance of the event, consistent with applicable
regulatory guidance relating to fair value pricing. The cost of Securities to
a Trust may not compute due to rounding the market value per share. The
valuation of the Securities has been determined by the Sponsor. In accordance
with Financial Accounting Standards Board Accounting Standards Codification
820, "Fair Value Measurement," each Trust's investments are classified as
Level 1, which refers to securities traded in an active market. The cost of
the Securities to the Sponsor and the Sponsor's profit or loss (which is the
difference between the cost of the Securities to the Sponsor and the cost of
the Securities to a Trust) are set forth below:

									    Cost of Securities   Profit
                                                                               to Sponsor        (Loss)
                                                                            _________________    ______

The Dow(R) Target 5 Portfolio, 2nd Quarter 2023 Series                      $   175,281         $ 1,182
The Dow(R) Target Dividend Portfolio, 2nd Quarter 2023 Series                   146,496            (531)
S&P Dividend Aristocrats Target 25 Portfolio, 2nd Quarter 2023 Series           128,403             135
S&P Target 24 Portfolio, 2nd Quarter 2023 Series                                268,172           1,769
S&P Target SMid 60 Portfolio, 2nd Quarter 2023 Series                           134,193            (244)
Target Diversified Dividend Portfolio, 2nd Quarter 2023 Series                  180,408            (447)
Target Focus Four Portfolio, 2nd Quarter 2023 Series                            459,801            (183)
Target Global Dividend Leaders Portfolio, 2nd Quarter 2023 Series               120,847            (338)
Target Growth Portfolio, 2nd Quarter 2023 Series                                173,086           1,008
Target Triad Portfolio, 2nd Quarter 2023 Series                                 285,852             652
Target VIP Portfolio, 2nd Quarter 2023 Series                                 1,618,076           1,803
Value Line(R) Target 25 Portfolio, 2nd Quarter 2023 Series                      221,423           1,264

(3) Common stocks of companies headquartered or incorporated outside the
United States comprise the approximate percentage of the investments of the
Trusts as indicated:

S&P Dividend Aristocrats Target 25 Portfolio, 2nd Quarter 2023 Series, 4.00%
(consisting of Switzerland, 4.00%).

S&P Target 24 Portfolio, 2nd Quarter 2023 Series, 5.99%
(consisting of Ireland, 2.02% and Switzerland, 3.97%).

S&P Target SMid 60 Portfolio, 2nd Quarter 2023 Series, 5.55%
(consisting of Bermuda, 2.21%; Canada, 1.11%; Cayman Islands, 1.12% and
Marshall Islands, 1.11%).

Target Diversified Dividend Portfolio, 2nd Quarter 2023 Series, 17.52%
(consisting of Bermuda, 5.02%; Canada, 2.50%; Israel, 2.50%; Marshall Islands,
2.50%; Monaco, 2.50% and United Kingdom, 2.50%).

Target Focus Four Portfolio, 2nd Quarter 2023 Series, 11.66%
(consisting of Bermuda, 0.66%; Brazil, 0.80%; Canada, 1.13%; Cayman Islands,
0.33%; Colombia, 0.40%; Finland, 0.40%; France, 0.80%; Germany, 0.40%; Italy,
0.40%; Japan, 1.20%; Luxembourg, 0.40%; Marshall Islands, 0.34%; The
Netherlands, 0.80%; Norway, 0.40%; Spain, 1.20% and United Kingdom, 2.00%).

Target Global Dividend Leaders Portfolio, 2nd Quarter 2023 Series, 40.02%
(consisting of Brazil, 10.00%; Canada, 2.00%; China, 2.00%; France, 2.00%;
Greece, 4.02%; Israel, 2.00%; Italy, 2.01%; Luxembourg, 2.00%; The
Netherlands, 2.00%; Norway, 2.00%; South Korea, 2.00%; Spain, 2.00%; Taiwan,
2.00% and United Kingdom, 3.99%).

Target Growth Portfolio, 2nd Quarter 2023 Series, 7.11%
(consisting of Switzerland, 3.52% and Uruguay, 3.59%).

Page 42


Target Triad Portfolio, 2nd Quarter 2023 Series, 19.55%
(consisting of Bermuda, 1.50%; Brazil, 0.80%; Canada, 1.55%; Colombia, 0.40%;
Finland, 0.40%; France, 0.79%; Germany, 0.40%; Israel, 0.75%; Italy, 0.40%;
Japan, 1.19%; Luxembourg, 0.40%; Marshall Islands, 0.75%; Monaco, 0.75%; The
Netherlands, 0.80%; Norway, 0.40%; Spain, 1.20%; Switzerland, 2.14%; United
Kingdom, 2.75% and Uruguay, 2.18%).

Target VIP Portfolio, 2nd Quarter 2023 Series, 22.58%
(consisting of China, 1.19%; Finland, 0.84%; France, 3.43%; Germany, 3.35%;
Ireland, 0.34%; Italy, 3.44%; The Netherlands, 4.28%; Norway, 0.84%; Spain,
0.86%; Sweden, 0.75%; Switzerland, 0.66% and United Kingdom, 2.60%).

(4) This Security represents the common stock of a Real Estate Investment
Trust ("REIT"). REITs which invest in mortgage loans and mortgage-backed
securities are included in the Financials sector whereas REITs which directly
hold real estate properties are included in the Real Estate sector. REITs
comprise the approximate percentage of the investments of the Trusts as
indicated:

S&P Target SMid 60 Portfolio, 2nd Quarter 2023 Series, 13.35%
Target Focus Four Portfolio, 2nd Quarter 2023 Series, 4.00%
Target Global Dividend Leaders Portfolio, 2nd Quarter 2023 Series, 19.99%

+ This Security represents the common stock of a foreign company which trades
directly or through an American Depositary Receipt/ADR or New York Registry
Share on the over-the-counter market or on a U.S. national securities exchange.

# This Security represents the common stock of a foreign company which trades
on a foreign securities exchange.

* This Security represents a non-income producing security.

Page 43


                        The FT Series

The FT Series Defined.

We, First Trust Portfolios L.P. (the "Sponsor"), have created hundreds of
similar yet separate series of a unit investment trust which we have named the
FT Series. The series to which this prospectus relates, FT 10650, consists of
12 separate portfolios set forth below:

- Dow(R) Target 5 2Q '23 - Term 7/9/24
(The Dow(R) Target 5 Portfolio, 2nd Quarter 2023 Series)

- Dow(R) Target Dvd. 2Q '23 - Term 7/9/24
(The Dow(R) Target Dividend Portfolio, 2nd Quarter 2023 Series)

- S&P Dvd. Aristocrats Target 25 2Q '23 - Term 7/9/24
(S&P Dividend Aristocrats Target 25 Portfolio, 2nd Quarter 2023 Series)

- S&P Target 24 2Q '23 - Term 7/9/24
(S&P Target 24 Portfolio, 2nd Quarter 2023 Series)

- S&P Target SMid 60 2Q '23 - Term 7/9/24
(S&P Target SMid 60 Portfolio, 2nd Quarter 2023 Series)

- Target Divsd. Dvd. 2Q '23 - Term 7/9/24
(Target Diversified Dividend Portfolio, 2nd Quarter 2023 Series)

- Target Focus 4 2Q '23 - Term 7/9/24
(Target Focus Four Portfolio, 2nd Quarter 2023 Series)

- Target Global Dvd. Leaders 2Q '23 - Term 7/9/24
(Target Global Dividend Leaders Portfolio, 2nd Quarter 2023 Series)

- Target Growth 2Q '23 - Term 7/9/24
(Target Growth Portfolio, 2nd Quarter 2023 Series)

- Target Triad 2Q '23 - Term 7/9/24
(Target Triad Portfolio, 2nd Quarter 2023 Series)

- Target VIP 2Q '23 - Term 7/9/24
(Target VIP Portfolio, 2nd Quarter 2023 Series)

- Value Line(R) Target 25 2Q '23 - Term 7/9/24
(Value Line(R) Target 25 Portfolio, 2nd Quarter 2023 Series)

Each Trust was created under the laws of the State of New York by a Trust
Agreement (the "Indenture") dated the Initial Date of Deposit. This agreement,
entered into among First Trust Portfolios L.P., as Sponsor, The Bank of New
York Mellon as Trustee and First Trust Advisors L.P. as Portfolio Supervisor,
governs the operation of the Trusts.

YOU MAY GET MORE SPECIFIC DETAILS CONCERNING THE NATURE, STRUCTURE AND RISKS OF
THIS PRODUCT IN AN "INFORMATION SUPPLEMENT" BY CALLING THE SPONSOR AT
800-621-1675, DEPT. CODE 2.

How We Created the Trusts.

On the Initial Date of Deposit, we deposited portfolios of common stocks with
the Trustee and, in turn, the Trustee delivered documents to us representing
our ownership of the Trusts in the form of units ("Units").

After the Initial Date of Deposit, we may deposit additional Securities in a
Trust, or cash (including a letter of credit or the equivalent) with
instructions to buy more Securities, to create new Units for sale. If we
create additional Units, we will attempt, to the extent practicable, to
maintain the percentage relationship established among the Securities on the
Initial Date of Deposit (as set forth in "Schedule of Investments" for each
Trust), adjusted to reflect the sale, redemption or liquidation of any of the
Securities or any stock split or a merger or other similar event affecting the
issuer of the Securities.

Since the prices of the Securities will fluctuate daily, the ratio of
Securities in a Trust, on a market value basis, will also change daily. The
portion of Securities represented by each Unit will not change as a result of
the deposit of additional Securities or cash in a Trust. If we deposit cash,
you and new investors may experience a dilution of your investment. This is
because prices of Securities will fluctuate between the time of the cash
deposit and the purchase of the Securities, and because the Trusts pay the
associated brokerage fees. To reduce this dilution, the Trusts will try to buy
the Securities as close to the Evaluation Time and as close to the evaluation
price as possible. In addition, because the Trusts pay the brokerage fees
associated with the creation of new Units and with the sale of Securities to
meet redemption and exchange requests, frequent redemption and exchange
activity will likely result in higher brokerage expenses.

An affiliate of the Trustee may receive these brokerage fees or the Trustee
may retain and pay us (or our affiliate) to act as agent for a Trust to buy
Securities. If we or an affiliate of ours act as agent to a Trust, we will be
subject to the restrictions under the Investment Company Act of 1940, as
amended (the "1940 Act"). When acting in an agency capacity, we may select
various broker/dealers to execute securities transactions on behalf of the
Trusts, which may include broker/dealers who sell Units of the Trusts. We do
not consider sales of Units of the Trusts or any other products sponsored by
First Trust as a factor in selecting such broker/dealers.

We cannot guarantee that a Trust will keep its present size and composition
for any length of time. Securities may be periodically sold under certain
circumstances to satisfy Trust obligations, to meet redemption requests and,
as described in "Removing Securities from a Trust," to maintain the sound
investment character of a Trust, and the proceeds received by a Trust will be
used to meet Trust obligations or distributed to Unit holders. However,
Securities will not be sold to take advantage of market fluctuations or

Page 44


changes in anticipated rates of appreciation or depreciation, or if they no
longer meet the criteria by which they were selected. You will not be able to
dispose of or vote any of the Securities in the Trusts. As the holder of the
Securities, the Trustee will vote the Securities and, except as described in
"Removing Securities from a Trust," will endeavor to vote the Securities such
that the Securities are voted as closely as possible in the same manner and
the same general proportion as are the Securities held by owners other than
such Trust.

Neither we nor the Trustee will be liable for a failure in any of the
Securities. However, if a contract for the purchase of any of the Securities
initially deposited in a Trust fails, unless we can purchase substitute
Securities ("Replacement Securities") we will refund to you that portion of
the purchase price and transactional sales charge resulting from the failed
contract on the next Distribution Date. Any Replacement Security a Trust
acquires will be identical to those from the failed contract.

                         Portfolios

Objective.

Each Trust seeks above-average total return. To achieve this objective, each
Trust will invest in the common stocks of companies which are selected by
applying a unique specialized strategy. While the Trusts seek above-average
total return, each follows a different investment strategy. We cannot
guarantee that a Trust will achieve its objective or that a Trust will make
money once expenses are deducted. Under normal circumstances, the Dow(R)
Target Dividend Portfolio, S&P Dividend Aristocrats Target 25 Portfolio,
Target Diversified Dividend Portfolio and Target Global Dividend Leaders
Portfolio will invest at least 80% of their assets in dividend-paying
securities and the S&P Target SMid 60 Portfolio will invest at least 80% of
its assets in small and/or mid capitalization companies. Under normal
circumstances, the Target Global Dividend Leaders Portfolio will invest at
least 40% of its assets in non-U.S. securities.

The Dow(R) Target Dividend Portfolio and the Target Focus 4 Portfolio are
concentrated (i.e., invests more than 25% of Trust assets) in stocks of
companies within the financials sector. The S&P Dividend Aristocrats Target 25
Portfolio is concentrated in stocks of companies within the industrials
sector. The S&P Target 24 Portfolio is concentrated in stocks of companies
within the information technology sector. The Target VIP Portfolio and the
Value Line(R) Target 25 Portfolio are concentrated in stocks of companies
within the consumer discretionary sector.

Portfolio Selection Process.

               The Dow(R) Target 5 Portfolio

The Dow(R) Target 5 Portfolio invests in stocks with high dividend yields.
The Dow(R) Target 5 Strategy seeks to amplify this dividend yield strategy by
selecting the five lowest priced stocks of the 10 highest dividend-yielding
stocks in the Dow Jones Industrial Average ("DJIA(R)").

The Dow(R) Target 5 Strategy stocks are determined as follows:

Step 1: We rank all 30 stocks contained in the DJIA(R) by their current
indicated dividend yield as of the business day prior to the date of this
prospectus.

Step 2: We then select the 10 highest dividend-yielding stocks from this group.

Step 3: From the 10 stocks selected in Step 2, we select an equally-weighted
portfolio of the five stocks with the lowest per share stock price for The
Dow(R) Target 5 Strategy.

            The Dow(R) Target Dividend Portfolio

The Dow(R) Target Dividend Strategy selects a portfolio of the 20 stocks from
the Dow Jones U.S. Select Dividend Index(sm) with the best overall ranking on
both the change in return on assets over the last 12 months and price to book
as a means to seek to achieve its investment objective.

The Dow(R) Target Dividend Strategy stocks are determined as follows:

Step 1: We rank all 100 stocks contained in the Dow Jones U.S. Select Dividend
Index(sm) as of two business days prior to the date of this prospectus (best
[1] to worst [100]) by the following equally-weighted factors:

      - Change in return on assets over the last 12 months. An increase in
      return on assets is generally used as an indication of improving business
      fundamentals and would receive a higher ranking than a stock with a
      negative change in return on assets.

      - Price to book. A lower, but positive, price to book ratio is generally
      used as an indication of value.

Step 2: We then select an equally-weighted portfolio of the 20 stocks with the
best overall combined ranking on the two factors for The Dow(R) Target Dividend

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Strategy. In the event of a tie, the stock with the better price to book ratio
is selected.

Companies which, as of the business day prior to the Initial Date of Deposit,
Dow Jones has announced will be removed from the Dow Jones U.S. Select
Dividend Index(sm), or that are likely to be removed, based on Dow Jones
selection criteria, from the Dow Jones U.S. Select Dividend Index(sm) within
thirty days from the selection date, have been removed from the universe of
securities from which The Dow(R) Target Dividend Strategy stocks are selected.

        S&P Dividend Aristocrats Target 25 Portfolio

The S&P Dividend Aristocrats Target 25 Strategy invests in companies from the
S&P 500(R) Dividend Aristocrats(R) Index. The index consists of companies from
the S&P 500(R) Index that have increased dividends every year for the last 25
consecutive years. The S&P Dividend Aristocrats Target 25 Strategy stocks are
determined as follows:

Step 1: We begin with all stocks contained in the S&P 500(R) Dividend
Aristocrats(R) Index as of two business days prior to the date of this
prospectus. Regulated investment companies, limited partnerships and business
development companies are not eligible for selection.

Step 2: We rank each stock on three equally-weighted factors:

      - Debt to equity. Compares a company's long-term debt to their
      stockholder's equity. Higher levels of this ratio are associated with
      higher risk, lower levels with lower risk.

      - Price to cash flow. Measures the cost of a company's stock for every
      dollar of cash flow generated. A lower, but positive, ratio indicates
      investors are paying less for the cash flow generated which can be a sign
      of value.

      - Return on assets. Compares a company's net income to its total assets.
      The ratio shows how efficiently a company generates net income from its
      assets.

Step 3: We rank each of the companies by their combined factor scores.

Step 4: We select an approximately equally-weighted portfolio of the best
scoring 25 stocks with a maximum of seven stocks from any one of the major
Global Industry Classification Standard ("GICS(R)") market sectors. If more
than seven stocks from any one of the major GICS(R) sectors are selected,
these stocks are excluded and replaced with the next best scoring stocks which
satisfy the criteria set forth above. In the event of a tie, the stock with
the better return-on-assets ratio is selected.

                   S&P Target 24 Portfolio

The S&P Target 24 Strategy selects a portfolio of 24 common stocks from the
S&P 500(R) Index which are based on the following steps:

Step 1: All of the economic sectors in the S&P 500(R) Index are ranked by
market capitalization as of two business days prior to the date of this
prospectus and the eight largest sectors are selected.

Step 2: The stocks in each of those eight sectors are then ranked among their
peers based on three distinct factors:

      - Trailing four quarters' return on assets, which is net income divided by
      average assets. Those stocks with high return on assets achieve better
      rankings;

      - Buyback yield, which measures the percentage decrease in common stock
      outstanding versus one year earlier. Those stocks with greater percentage
      decreases receive better rankings; and

      - Bullish interest indicator, which is measured over the trailing 12
      months by subtracting the number of shares traded in months in which the
      stock price declined from the number of shares traded in months in which
      the stock price rose and dividing the resulting number by the total number
      of shares traded over the 12-month period. Those stocks with a high
      bullish interest indicator achieve better rankings.

Step 3: The three stocks from each of the eight sectors with the highest
combined ranking on these three factors are selected for S&P Target 24
Strategy. In the event of a tie within a sector, the stock with the higher
market capitalization is selected.

Each stock receives a weighting equivalent to its relative market value among
the three stocks from the individual sector. The combined weight of the three
stocks for a sector is equal to the sector's equivalent weighting among the
eight sectors from which stocks are selected. However, no individual stock
will comprise 25% or more of the S&P Target 24 Portfolio as of the date of
this prospectus. The Securities will be adjusted on a proportionate basis to
accommodate this constraint.

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                S&P Target SMid 60 Portfolio

This small and mid-capitalization strategy is designed to identify stocks with
improving fundamental performance and market sentiment. The S&P Target SMid 60
Strategy stocks are determined as follows:

Step 1: We begin with the stocks that comprise the Standard & Poor's MidCap
400(R) Index ("S&P MidCap 400(R)") and the Standard & Poor's SmallCap 600(R)
Index ("S&P SmallCap 600(R)") as of two business days prior to the date of
this prospectus.

Step 2: We rank the stocks in each index by price to book value and select the
best quartile from each index-100 stocks from the S&P MidCap 400(R) and 150
stocks from the S&P SmallCap 600(R) with the lowest, but positive, price to
book ratio.

Step 3: We rank each stock on three equally-weighted factors:

      - Price to cash flow;

      - 12-month change in return on assets; and

      - 3-month price appreciation.

Step 4: We eliminate any regulated investment companies, limited partnerships,
business development companies and any stock with a market capitalization of
less than $250 million and with an average daily trading volume of less than
$250,000.

Step 5: The 30 stocks from each index with the highest combined ranking on the
three factors set forth in Step 3 are selected for the portfolio. In the event
of a tie, the stock with the better price to cash flow ratio is selected.

Step 6: The stocks selected from the S&P MidCap 400(R) are given approximately
twice the weight of the stocks selected from the S&P SmallCap 600(R), taking
into consideration that only whole shares will be purchased.

            Target Diversified Dividend Portfolio

The Target Diversified Dividend Strategy seeks above-average total return
through a combination of capital appreciation and dividend income by adhering
to a simple investment strategy; however, there is no assurance the objective
will be met. The Target Diversified Dividend Strategy stocks are determined as
follows:

Step 1: We begin with all stocks traded on a U.S. exchange as of two business
days prior to the date of this prospectus and screen for the following:

      - Minimum market capitalization of $250 million;

      - Minimum three-month average daily trading volume of $1.5 million; and

      - Minimum stock price of $5.

Step 2: We eliminate REITs, American Depositary Receipts/ADRs, regulated
investment companies and limited partnerships.

Step 3: We select only those stocks with positive three-year dividend growth.

Step 4: We rank each remaining stock on three factors:

      - Indicated dividend yield - 50%;

      - Price to book - 25%; and

      - Payout ratio - 25%.

Step 5: We purchase an approximately equally-weighted portfolio consisting of
four stocks from each of the major S&P GICS(R) market sectors with the highest
combined ranking on the three factors. The Financials and Real Estate sectors
are combined for the sector limit purpose. In the event of a tie, the stock
with the better price to book ratio is selected.

                 Target Focus Four Portfolio

The Target Focus Four Portfolio invests in the common stocks of companies
which are selected by applying four separate uniquely specialized strategies.

The composition of the Target Focus Four Portfolio on the Initial Date of
Deposit is as follows:

      - Approximately 30% of the portfolio is composed of common stocks which
      comprise The Dow(R) Target Dividend Strategy;

      - Approximately 30% of the portfolio is composed of common stocks which
      comprise the S&P Target SMid 60 Strategy;

      - Approximately 30% of the portfolio is composed of common stocks which
      comprise the Value Line(R) Target 25 Strategy; and

      - Approximately 10% of the portfolio is composed of common stocks which
      comprise the NYSE(R) International Target 25 Strategy.

The Securities which comprise The Dow(R) Target Dividend Strategy and the S&P
Target SMid 60 Strategy portions of the Trust were chosen by applying the same
selection criteria set forth above under the captions "The Dow(R) Target
Dividend Portfolio" and "S&P Target SMid 60 Portfolio," respectively. The
Securities which comprise the Value Line(R) Target 25 Strategy and the NYSE(R)
International Target 25 Strategy were selected as follows:

Page 47


Value Line(R) Target 25 Strategy.

The Value Line(R) Target 25 Strategy invests in 25 of the 100 stocks that
Value Line(R) gives a #1 ranking for Timeliness(TM) which have recently
exhibited certain positive financial attributes. Value Line(R) ranks 1,700
stocks which represent approximately 90% of the trading volume on all U.S.
stock exchanges. Of these 1,700 stocks, only 100 are given their #1 ranking
for Timeliness(TM), which measures Value Line's view of their probable price
performance during the next six to 12 months relative to the others. Value
Line(R) bases their rankings on various factors, including long-term trend of
earnings, prices, recent earnings, price momentum, and earnings surprise. The
Value Line(R) Target 25 Strategy stocks are determined as follows:

Step 1: We start with the 100 stocks which Value Line(R), as of two business
days prior to the date of this prospectus, gives their #1 ranking for
Timeliness(TM) and apply the following rankings as of two business days prior
to the date of this prospectus.

Step 2: We rank these stocks for consistent growth based on 12-month and 6-
month price appreciation (best [1] to worst [100]).

Step 3: We then rank the stocks for profitability by their return on assets.

Step 4: Finally, we rank the stocks for value based on their price to cash flow.

Step 5: We add up the numerical ranks achieved by each company in the above
steps and select the 25 eligible stocks with the lowest sums for the Value
Line(R) Target 25 Strategy. Stocks of financial companies, as defined by
S&P's GICS(R), the stocks of companies whose shares are not listed on a U.S.
securities exchange, and stocks of limited partnerships are not eligible for
inclusion in the Value Line(R) Target 25 Strategy stocks. In the event of a
tie, the stock with the greatest 6-month price appreciation is selected.

The stocks which comprise the Value Line(R) Target 25 Strategy are weighted
by market capitalization subject to the restriction that no stock will
comprise less than approximately 1% or 25% or more of the Value Line(R)
Target 25 Strategy portion of the portfolio on the date of this prospectus.
The Securities will be adjusted on a proportionate basis to accommodate this
constraint.

NYSE(R) International Target 25 Strategy.

The NYSE(R) International Target 25 Strategy provides investors with a way to
strategically invest in foreign companies. The NYSE(R) International Target
25 Strategy stocks are determined as follows:

Step 1: We begin with the stocks that comprise the NYSE International 100
Index(sm) as of two business days prior to the date of this prospectus. The
index consists of the 100 largest non-U.S. stocks trading on the NYSE.

Step 2: We rank each stock on two equally-weighted factors:

      - Price to book; and

      - Price to cash flow.

Lower, but positive, price to book and price to cash flow ratios are generally
used as an indication of value.

Step 3: We screen for liquidity by eliminating companies with average daily
trading volume below $300,000 for the prior three months.

Step 4: We purchase an approximately equally-weighted portfolio of the 25
eligible stocks with the best overall ranking on the two factors, taking into
consideration that only whole shares will be purchased. In the event of a tie,
the stock with the better price to book ratio is selected.

          Target Global Dividend Leaders Portfolio

The Target Global Dividend Leaders Strategy stocks are determined based on
these steps:

Step 1: We establish three distinct universes as of two business days prior to
the Initial Date of Deposit which consist of the following:

      - Domestic equity - all U.S. stocks.

      - International equity - all foreign stocks that are listed on a U.S.
      securities exchange either directly or in the form of American Depositary
      Receipts/ADRs.

      - REITs - all U.S. REITs (including Mortgage REITs).

Step 2: Regulated investment companies and limited partnerships are excluded
from all universes. REITs (including Mortgage REITs) are also excluded from
the domestic and international equity universes.

Step 3: We select the stocks in each universe that meet the following criteria:

      - Market capitalization greater than $1 billion.

      - Three-month average daily trading volume greater than $1 million.

      - Current indicated dividend yield greater than twice that of the S&P
      500(R) Index at the time of selection.

Step 4: We rank the selected stocks within each universe on three equally-
weighted factors: price to cash flow; return on assets; and 3, 6 and 12-month
price appreciation.

Page 48


Step 5: We select the 20 stocks within each universe with the best overall
combined rankings. The domestic and international equity universes are subject
to a maximum of four stocks from any one of the major GICS(R) market sectors.
The Financials and Real Estate sectors are combined for the sector limit
purpose. If a universe has less than 20 eligible securities, all eligible
securities are selected.

Step 6: The universes are approximately weighted as shown below. Stocks are
approximately equally-weighted within their universe, taking into
consideration that only whole shares will be purchased.

      - 40% domestic equity.

      - 40% international equity.

      - 20% REITs.

                   Target Growth Portfolio

The Target Growth Strategy invests in stocks with large market capitalizations
which have recently exhibited certain positive financial attributes. The
Target Growth Strategy stocks are determined as follows:

Step 1: We begin with all stocks traded on a U.S. exchange as of two business
days prior to the date of this prospectus and screen for the following:

      - Minimum market capitalization of $6 billion;

      - Minimum three month average daily trading volume of $5 million; and

      - Minimum stock price of $5.

Step 2: We eliminate REITs, American Depositary Receipts/ADRs, regulated
investment companies and limited partnerships.

Step 3: We select only those stocks with positive one year sales growth.

Step 4: We rank the remaining stocks on three equally-weighted factors:

      - Sustainable growth rate (a measurement of a company's implied growth
      rate that can be funded with its internal capital; it is calculated by
      multiplying return on equity over the trailing 12 months by (1- payout
      ratio), where payout ratio is the trailing 12 months dividends per share
      divided by trailing 12 months earnings per share);

      - Change in return on assets; and

      - Recent 6-month price appreciation.

Step 5: We purchase an approximately equally-weighted portfolio of the 30
stocks with the highest combined ranking on the three factors, subject to a
maximum of six stocks from any one of the major GICS(R) market sectors. The
Financials and Real Estate sectors are combined for the sector limit purpose.
In the event of a tie, the stock with the higher sustainable growth rate is
selected.

                   Target Triad Portfolio

The Target Triad Portfolio invests in the common stocks of companies which are
selected by applying three separate uniquely specialized strategies.

The composition of the Target Triad Portfolio on the Initial Date of Deposit
is as follows:

      - Approximately 10% of the portfolio is composed of common stocks which
      comprise the NYSE(R) International Target 25 Strategy;

      - Approximately 30% of the portfolio is composed of common stocks which
      comprise the Target Diversified Dividend Strategy; and

      - Approximately 60% of the portfolio is composed of common stocks which
      comprise the Target Growth Strategy.

The Securities which comprise the NYSE(R) International Target 25 Strategy,
the Target Diversified Dividend Strategy and the Target Growth Strategy
portions of the Trust were chosen by applying the same selection criteria set
forth above under the captions "Target Focus Four Portfolio," "Target
Diversified Dividend Portfolio" and "Target Growth Portfolio," respectively.

                    Target VIP Portfolio

The Target VIP Portfolio invests in the common stocks of companies which are
selected by applying six separate uniquely specialized strategies.

The composition of the Target VIP Strategy on the Initial Date of Deposit is
as follows:

      - Approximately 1/6 of the portfolio is composed of common stocks which
      comprise The Dow(R) DART 5 Strategy;

      - Approximately 1/6 of the portfolio is composed of common stocks which
      comprise the European Target 20 Strategy;

      - Approximately 1/6 of the portfolio is composed of common stocks which
      comprise the Nasdaq(R) Target 15 Strategy;

      - Approximately 1/6 of the portfolio is composed of common stocks which
      comprise the S&P Target 24 Strategy;

      - Approximately 1/6 of the portfolio is composed of common stocks which
      comprise the Target Small-Cap Strategy; and

Page 49


      - Approximately 1/6 of the portfolio is composed of common stocks which
      comprise the Value Line(R) Target 25 Strategy.

The Securities which comprise the S&P Target 24 Strategy and the Value Line(R)
Target 25 Strategy portions of the Trust were chosen by applying the same
selection criteria set forth above under the captions "S&P Target 24
Portfolio" and "Target Focus Four Portfolio," respectively. The Securities
which comprise The Dow(R) DART 5 Strategy, the European Target 20 Strategy,
the Nasdaq(R) Target 15 Strategy and the Target Small-Cap Strategy portions of
the Trust were selected as follows:

The Dow(R) Dividend and Repurchase Target 5 Strategy.

The Dow(R) DART 5 Strategy selects a portfolio of DJIA(R) stocks with high
dividend yields and/or high buyback ratios and high return on assets, as a
means to achieving the Strategy's investment objective. Buyback ratio is the
ratio of a company's shares of common stock outstanding 12 months prior to the
date of this prospectus compared to a company's shares outstanding as of the
business day prior to the date of this prospectus.

The Dow(R) DART 5 Strategy stocks are determined as follows:

Step 1: We rank all 30 stocks contained in the DJIA(R) by the sum of their
current indicated dividend yield and buyback ratio as of the business day
prior to the date of this prospectus.

Step 2: We then select the 10 stocks with the highest combined dividend yields
and buyback ratios.

Step 3: From the 10 stocks selected in Step 2, we select an approximately
equally-weighted portfolio of the five stocks with the greatest change in
return on assets in the most recent year as compared to the previous year for
The Dow(R) DART 5 Strategy.

European Target 20 Strategy.

The European Target 20 Strategy invests in stocks with high dividend yields.
By selecting stocks with the highest dividend yields, the European Target 20
Strategy seeks to uncover stocks that may be out of favor or undervalued. The
European Target 20 Strategy stocks are determined as follows:

Step 1: We rank the 120 largest companies based on market capitalization which
are domiciled in Austria, Belgium, Denmark, Finland, France, Germany, Greece,
Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland
and the United Kingdom by their current indicated dividend yield as of three
business days prior to the date of this prospectus.

Step 2: We select an approximately equally-weighted portfolio of the 20
highest dividend-yielding stocks for the European Target 20 Strategy.

During the initial offering period, the Target VIP Portfolio will not invest
more than 5% of its portfolio in shares of any one securities-related issuer
contained in the European Target 20 Strategy.

Nasdaq(R) Target 15 Strategy.

The Nasdaq(R) Target 15 Strategy selects a portfolio of the 15 Nasdaq-100
Index(R) stocks with the best overall ranking on both 12- and 6-month price
appreciation, return on assets and price to cash flow as a means to achieving
its investment objective. The Nasdaq(R) Target 15 Strategy stocks are
determined as follows:

Step 1: We select stocks which are components of the Nasdaq-100 Index(R) as of
two business days prior to the date of this prospectus and numerically rank
them by 12-month price appreciation (best [1] to worst [100]).

Step 2: We then numerically rank the stocks by 6-month price appreciation.

Step 3: The stocks are then numerically ranked by return on assets ratio.

Step 4: We then numerically rank the stocks by the ratio of cash flow per
share to stock price.

Step 5: We add up the numerical ranks achieved by each company in the above
steps and select the 15 stocks with the lowest sums for Nasdaq(R) Target 15
Strategy. In the event of a tie, the stock with the higher 6-month price
momentum is selected.

The stocks which comprise Nasdaq(R) Target 15 Strategy are weighted by market
capitalization subject to the restriction that only whole shares are purchased
and that no stock will comprise less than approximately 1% or 25% or more of
Nasdaq(R) Target 15 Strategy portion of the portfolio on the date of this
prospectus. The Securities will be adjusted on a proportionate basis to
accommodate this constraint.

Target Small-Cap Strategy.

The Target Small-Cap Strategy invests in stocks with small market
capitalizations which have recently exhibited certain positive financial
attributes. The Target Small-Cap Strategy stocks are determined as follows:

Step 1: We select the stocks of all U.S. companies which trade on the NYSE,
NYSE MTK (formerly the NYSE Amex) or The NASDAQ Stock Market, LLC(R)
(excluding limited partnerships, American Depositary Receipts/ADRs, business

Page 50


development companies and mineral and oil royalty trusts) as of two business
days prior to the date of this prospectus.

Step 2: We then select companies which have a market capitalization of between
$150 million and $1 billion and whose stock has an average daily dollar
trading volume of at least $500,000.

Step 3: We next select stocks with positive three-year sales growth.

Step 4: From there we select those stocks whose most recent annual earnings
(based on the trailing 12-month period) are positive.

Step 5: We eliminate any stock whose price has appreciated by more than 75% in
the last 12 months.

Step 6: We select the 40 stocks with the greatest price appreciation in the
last 12 months and weight them on a market capitalization basis (highest to
lowest) for the Target Small-Cap Strategy. If, as a result of the constraint
in Step 5, fewer than 40 stocks are eligible for selection, additional stocks
with the smallest appreciation above 75% in the last 12 months will be
included to reach 40 stocks.

For purposes of applying the Target Small-Cap Strategy, market capitalization
and average trading volume are based on 1996 dollars which are periodically
adjusted for inflation. All steps apply monthly and rolling quarterly data
instead of annual figures where possible.

The stocks which comprise the Target Small-Cap Strategy are weighted by market
capitalization.

             Value Line(R) Target 25 Portfolio

The Securities which comprise the Value Line(R) Target 25 Strategy were chosen
by applying the same selection criteria set forth above under the caption
"Target Focus Four Portfolio."

Other Considerations.

Please note that we applied the strategy or strategies which make up the
portfolio for each Trust at a particular time. If we create additional Units
of a Trust after the Initial Date of Deposit, we will deposit the Securities
originally selected by applying the strategy on the Initial Date of Deposit.
This is true even if a later application of a strategy would have resulted in
the selection of different securities. In addition, companies which, based on
publicly available information as of the date the Securities were selected,
are the subject of an announced business combination which we expect will
happen within 12 months of the date of this prospectus are not eligible for
inclusion in a Trust's portfolio.

The Securities for each of the strategies were selected as of a strategy's
selection date using closing market prices on such date or, if a particular
market was not open for trading on such date, closing market prices on the day
immediately prior to the strategy's selection date in which such market was
open. In addition, companies which, based on publicly available information on
or before their respective selection date, are subject to any of the limited
circumstances which warrant removal of a Security from a Trust as described
under "Removing Securities from a Trust" have been excluded from the universe
of securities from which each Trust's Securities are selected.

Additional Portfolio Contents.

In addition to the investments described above, certain of the Trusts invest
in: New York Registry Shares, foreign-listed securities and companies
headquartered or incorporated in emerging and/or developing markets.

As with any similar investments, there can be no assurance that the objective
of a Trust will be achieved. See "Risk Factors" for a discussion of the risks
of investing in a Trust.

The Dow Jones Industrial Average, Dow Jones U.S. Select Dividend Index(sm),
S&P 500(R) Index, S&P 500(R) Dividend Aristocrats Index, S&P MidCap 400(R)
Index and S&P SmallCap 600(R) Index are products of S&P Dow Jones Indices LLC
or its affiliates ("SPDJI"), and have been licensed for use by First Trust
Portfolios L.P. Standard & Poor's(R), S&P(R), S&P 500(R), S&P Dividend
Aristocrats, S&P MidCap 400(R) and S&P SmallCap 600(R) are registered
trademarks of Standard & Poor's Financial Services LLC ("S&P"); DJIA(R), The
Dow(R), Dow Jones(R), Dow Jones Industrial Average and Dow Jones U.S. Select
Dividend Index(sm) are trademarks of Dow Jones Trademark Holdings LLC ("Dow
Jones"); and these trademarks have been licensed for use by SPDJI and
sublicensed for certain purposes by First Trust Portfolios L.P. The Trusts, in
particular The Dow(R) Target 5 Portfolio, The Dow(R) Target Dividend
Portfolio, S&P Dividend Aristocrats Target 25 Portfolio, S&P Target 24
Portfolio, S&P Target SMid 60 Portfolio, Target Focus Four Portfolio and the
Target VIP Portfolio are not sponsored, endorsed, sold or promoted by SPDJI,
Dow Jones, S&P, their respective affiliates, and none of such parties make any
representation regarding the advisability of investing in such products nor do
they have any liability for any errors, omissions, or interruptions of the Dow
Jones Industrial Average and the S&P 500(R) Index. Please see the Information
Supplement which sets forth certain additional disclaimers and limitations of
liabilities on behalf of SPDJI.

"Value Line," "The Value Line Investment Survey" and "Timeliness" are
trademarks or registered trademarks of Value Line, Inc. and/or its affiliates

Page 51


("Value Line") that have been licensed to First Trust Portfolios L.P. and/or
First Trust Advisors L.P. The Target Focus Four Portfolio, Target VIP
Portfolio and Value Line(R) Target 25 Portfolio are not sponsored, endorsed,
recommended, sold or promoted by Value Line. Value Line makes no
representation regarding the advisability of investing in a Trust. First Trust
Portfolios L.P. and/or First Trust Advisors L.P. are not affiliated with any
Value Line company.

"NYSE(R)" is a service/trade mark of ICE Data Indices, LLC or its affiliates
and has been licensed, along with the NYSE(R) International 100 Index
("Index") for use by First Trust Portfolios L.P. in connection with the Target
Focus Four Portfolio and the Target Triad Portfolio (the "Products"). Neither
First Trust Portfolios L.P. nor the Products, as applicable, is sponsored,
endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its
Third Party Suppliers ("ICE Data and its Suppliers"). ICE Data and its
Suppliers make no representations or warranties regarding the advisability of
investing in securities generally, in the Products particularly, or the
ability of the Index to track general market performance. Past performance of
an Index is not an indicator of or a guarantee of future results. ICE DATA AND
ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS
AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY
INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE
DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH
RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES
AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT
YOUR OWN RISK.

The publishers of the DJIA(R), the Dow Jones U.S. Select Dividend Index(sm),
The Nasdaq-100 Index(R), the Russell 3000(R) Index, S&P 500(R) Index, S&P
1000(R) Index, S&P MidCap 400(R) Index, S&P SmallCap 600(R) Index and the
NYSE International 100 Index(sm) are not affiliated with us and have not
participated in creating the Trusts or selecting the Securities for the
Trusts. Except as noted herein, none of the index publishers have approved of
any of the information in this prospectus.

                        Risk Factors

Price Volatility. The Trusts invest in common stocks. The value of a Trust's
Units will fluctuate with changes in the value of these common stocks. Common
stock prices fluctuate for several reasons including changes in investors'
perceptions of the financial condition of an issuer or the general condition
of the relevant stock market, such as market volatility, or when political or
economic events affecting the issuers occur. In addition, common stock prices
may be particularly sensitive to rising interest rates, as the cost of capital
rises and borrowing costs increase, negatively impacting issuers.

Because the Trusts are not managed, the Trustee will not sell stocks in
response to or in anticipation of market fluctuations, as is common in managed
investments. As with any investment, we cannot guarantee that the performance
of any Trust will be positive over any period of time, especially the
relatively short 15-month life of the Trusts, or that you won't lose money.
Units of the Trusts are not deposits of any bank and are not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.

Three of the Securities in the S&P Target 24 Portfolio and three of the
Securities in the Value Line(R) Target 25 Portfolio represent approximately
34.04% and 37.24%, respectively, of the value of each Trust. If these stocks
decline in value you may lose a substantial portion of your investment.

Market Risk. Market risk is the risk that a particular security, or Units of
the Trusts in general, may fall in value. Securities are subject to market
fluctuations caused by such factors as economic, political, regulatory or
market developments, which includes the 2022 mid-term elections in the United
States, which resulted in a divided government, changes in interest rates and
perceived trends in securities prices. Units of the Trusts could decline in
value or underperform other investments. In addition, local, regional or
global events such as war, acts of terrorism, spread of infectious diseases or
other public health issues, recessions, political turbulence or other events
could have a significant negative impact on a Trust and its investments. Such
events may affect certain geographic regions, countries, sectors and
industries more significantly than others. Such events could adversely affect
the prices and liquidity of a Trust's portfolio securities and could result in
disruptions in the trading markets. Any such circumstances could have a
materially negative impact on the value of a Trust's Units and result in
increased market volatility.

In February 2022, Russia commenced a military attack on Ukraine. In response,
various countries, including the United States, issued broad-ranging sanctions

Page 52


on Russia and certain Russian companies and individuals. The hostilities
between the two countries may escalate and any existing or future sanctions
could have a severe adverse effect on Russia's economy, currency, companies
and region as well as negatively impact other regional and global economic
markets of the world, companies in such countries and various sectors,
industries and markets for securities and commodities globally, such as oil
and natural gas, and may have a negative effect on a Trust's investments and
performance beyond any direct exposure to Russian issuers or those of
adjoining geographic regions. Russia may also take retaliatory actions or
countermeasures, such as cyberattacks and espionage, which may negatively
impact the countries and companies in which a Trust may invest. The extent and
duration of the military action or future escalation of such hostilities; the
extent and impact of existing and any future sanctions, market disruptions and
volatility; and the result of any diplomatic negotiations cannot be predicted.
These and any related events could have a significant negative impact on
certain of a Trust's investments as well as a Trust's performance, and the
value or liquidity of certain Securities held by a Trust may decline
significantly.

An outbreak of a respiratory disease designated as COVID-19 was first detected
in China in December 2019. The COVID-19 global pandemic and the ensuing
policies enacted by governments and central banks have caused and may continue
to cause significant volatility and uncertainty in global financial markets,
negatively impacting global growth prospects. While the U.S. has resumed
"reasonably" normal business activity, many countries continue to impose
lockdown measures. The duration of the COVID-19 outbreak and its effects
cannot be determined with certainty and may exacerbate other pre-existing
political, social and economic risks. Additionally, there is no guarantee that
vaccines will be effective against emerging variants of the disease.

As a result of the COVID-19 pandemic, governments and central banks, including
the Federal Reserve, took extraordinary and unprecedented actions to support
local and global economies and financial markets. These measures included,
among other policy responses, a $700 billion quantitative easing program, a
reduction of the Federal funds rate to near-zero, and numerous economic
stimulus packages, which largely ended in mid-2022. The impact of these and
additional measures taken in the future, and whether they will be effective in
mitigating economic and market disruptions, including upward pressure on
prices, will not be known for some time. As a means to fight inflation, which
remains at elevated levels, the Federal Reserve has raised interest rates and
expects to continue to do so and has announced that it intends to reverse
previously implemented quantitative easing.

Dividends. Certain of the Securities held by certain of the Trusts may
currently pay dividends, but there is no guarantee that the issuers of the
Securities will declare dividends in the future or that, if declared, they
will either remain at current levels or increase over time.

Trusts which use dividend yield as a selection criterion employ a contrarian
strategy in which the Securities selected share qualities that have caused
them to have lower share prices or higher dividend yields than other common
stocks in their peer group. There is no assurance that negative factors
affecting the share price or dividend yield of these Securities will be
overcome over the life of such Trusts or that these Securities will increase
in value.

Concentration Risk. When at least 25% of a trust's portfolio is invested in
securities issued by companies within a single sector, the trust is considered
to be concentrated in that particular sector. A portfolio concentrated in one
or more sectors may present more risks than a portfolio broadly diversified
over several sectors.

The Dow(R) Target Dividend Portfolio and the Target Focus 4 Portfolio are
concentrated in stocks of companies within the financials sector. The S&P
Dividend Aristocrats Target 25 Portfolio is concentrated in stocks of
companies within the industrials sector. The S&P Target 24 Portfolio is
concentrated in stocks of companies within the information technology sector.
The Target VIP Portfolio and the Value Line(R) Target 25 Portfolio are
concentrated in stocks of companies within the consumer discretionary sector.

Consumer Discretionary. Consumer discretionary companies, such as retailers,
media companies and consumer services companies, provide non-essential goods
and services. These companies manufacture products and provide discretionary
services directly to the consumer, and the success of these companies is tied
closely to the performance of the overall domestic and international economy,
interest rates, competition and consumer confidence. Success depends heavily
on disposable household income and consumer spending.  Consumer discretionary
companies may also be strongly affected by social trends and marketing
campaigns. These companies may be subject to severe competition, which may
have an adverse impact on their profitability. Changes in demographics and
consumer tastes can also affect the demand for, and success of, consumer
discretionary products in the marketplace. Consumer discretionary companies
have historically been characterized as relatively cyclical and therefore more
volatile in times of change.

Page 53


Financials. Financial companies, such as retail and commercial banks,
insurance companies and financial services companies, are subject to extensive
governmental regulation and intervention, which may adversely affect the scope
of their activities, the prices they can charge, the amount and types of
capital they must maintain and, potentially, their size. Governmental
regulation may change frequently and may have significant adverse consequences
for financial companies, including effects not intended by such regulation.
The impact of more stringent capital requirements, or recent or future
regulation in various countries, on any individual financial company or on
financial companies as a whole cannot be predicted. Certain risks may impact
the value of investments in financial companies more severely than those of
investments in other issuers, including the risks associated with companies
that operate with substantial financial leverage. Financial companies may also
be adversely affected by volatility in interest rates, decreases in the
availability of money or asset valuations, credit rating downgrades and
adverse conditions in other related markets. Insurance companies in particular
may be subject to severe price competition and/or rate regulation, which may
have an adverse impact on their profitability. Financial companies are also a
target for cyber-attacks and may experience technology malfunctions and
disruptions as a result.

In addition, general economic conditions are important to the operations of
financial companies. Deteriorating economic fundamentals may increase the risk
of default or insolvency of particular financial institutions, negatively
impact market value, cause credit spreads to widen, and reduce bank balance
sheets. Credit losses resulting from financial difficulties of borrowers and
financial losses associated with investment activities may have an adverse
effect on the profitability of financial companies. While financial companies
such as banks tend to increase reserves in anticipation of economic stress,
there can be no assurance that such reserves will be sufficient to cover
rising default rates. Financial companies may be highly dependent upon access
to capital markets, and any impediments to such access, such as adverse
overall economic conditions or a negative perception in the capital markets of
a company's financial condition or prospects, could adversely affect its
business. For example, any failure of a bank can result in disruption to the
broader banking industry or markets generally, which may also heighten market
volatility and reduce liquidity. Some financial companies may also be required
to accept or borrow significant amounts of capital from government sources.
There is no guarantee that governments will provide any such relief in the
future and no certainty that such relief will mitigate the effects of any
failure of a financial institution on the economy or otherwise strengthen
public confidence in financial institutions. These actions may cause the
securities of many companies in the financials sector to decline in value.

Industrials. General risks of industrial companies include the general state
of the economy, intense competition, consolidation, domestic and international
politics, excess capacity and consumer spending trends. In addition, they may
also be significantly affected by overall capital spending levels, economic
cycles, technical obsolescence, delays in modernization, labor relations,
government regulations and e-commerce initiatives.

Industrial companies may also be affected by factors more specific to their
individual industries. Industrial machinery manufacturers may be subject to
declines in consumer demand and the need for modernization. Aerospace and
defense companies may be influenced by decreased demand for new equipment,
aircraft order cancellations, changes in aircraft-leasing contracts and
cutbacks in profitable business travel. Agricultural equipment businesses may
be influenced by fluctuations in farm income, farm commodity prices,
government subsidies and weather conditions. The number of housing starts,
levels of public and non-residential construction including weakening demand
for new office and retail space, and overall construction spending may
adversely affect construction equipment manufacturers, while overproduction,
consolidation and weakening global economies may lead to deteriorating sales
for auto and truck makers and their suppliers.

Information Technology. Technology companies are generally subject to the
risks of rapidly changing technologies; short product life cycles; fierce
competition; aggressive pricing; frequent introduction of new or enhanced
products; the loss of patent, copyright and trademark protections; cyclical
market patterns; evolving industry standards; and frequent new product
introductions. Technology companies may be smaller and less experienced
companies, with limited product lines, markets or financial resources.
Technology company stocks have experienced extreme price and volume
fluctuations that are often unrelated to their operating performance. Also,
the stocks of many Internet companies have exceptionally high price-to-
earnings ratios with little or no earnings histories.

REITs. Certain of the Securities held by certain of the Trusts are issued by
REITs that are headquartered or incorporated in the United States. REITs are
financial vehicles that pool investors' capital to purchase or finance real
estate. REITs may concentrate their investments in specific geographic areas
or in specific property types, i.e., hotels, shopping malls, residential
complexes, office buildings and timberlands. The value of REITs and the
ability of REITs to distribute income may be adversely affected by several
factors, including rising interest rates, changes in the national, state and

Page 54


local economic climate and real estate conditions, perceptions of prospective
tenants of the safety, convenience and attractiveness of the properties, the
ability of the owner to provide adequate management, maintenance and
insurance, the cost of complying with the Americans with Disabilities Act,
increased competition from new properties, the impact of present or future
environmental legislation and compliance with environmental laws, changes in
real estate taxes and other operating expenses, adverse changes in
governmental rules and fiscal policies, adverse changes in zoning laws, and
other factors beyond the control of the issuers of REITs. Certain of the REITs
may also be mortgage real estate investment trusts ("Mortgage REITs").
Mortgage REITs are companies that provide financing for real estate by
purchasing or originating mortgages and mortgage-backed securities and earn
income from the interest on these investments. Mortgage REITs are also subject
to many of the same risks associated with investments in other REITs and to
real estate market conditions.

Strategy. Please note that we applied the strategy or strategies which make up
the portfolio for each Trust at a particular time. If we create additional
Units of a Trust after the Initial Date of Deposit, we will deposit the
Securities originally selected by applying the strategy on the Initial Date of
Deposit. This is true even if a later application of a strategy would have
resulted in the selection of different securities. There is no guarantee the
investment objective of a Trust will be achieved. The actual performance of
the Trusts will be different than the hypothetical returns of each Trust's
strategy. No representation is made that the Trusts will or are likely to
achieve the hypothetical performance shown. Because the Trusts are unmanaged
and follow a strategy, the Trustee will not buy or sell Securities in the
event a strategy is not achieving the desired results.

Foreign Securities. Certain of the Securities held by certain of the Trusts
are issued by foreign entities, which makes the Trusts subject to more risks
than if they invested solely in domestic securities. Risks of foreign
securities include higher brokerage costs; different accounting standards;
expropriation, nationalization or other adverse political or economic
developments; currency devaluations, blockages or transfer restrictions;
restrictions on foreign investments and exchange of securities; inadequate
financial information; lack of liquidity of certain foreign markets; and less
government supervision and regulation of exchanges, brokers, and issuers in
foreign countries. Certain foreign markets have experienced heightened
volatility due to recent negative political or economic developments or
natural disasters. Securities issued by non-U.S. issuers may pay dividends in
foreign currencies and may be principally traded in foreign currencies.
Therefore, there is a risk that the U.S. dollar value of these dividend
payments and/or securities will vary with fluctuations in foreign exchange
rates.

American Depositary Receipts/ADRs, New York Registry Shares and similarly
structured securities may be less liquid than the underlying shares in their
primary trading market. Any distributions paid to the holders of depositary
receipts are usually subject to a fee charged by the depositary. Issuers of
depositary receipts are not obligated to disclose information that is
considered material in the United States. As a result, there may be less
information available regarding such issuers. Holders of depositary receipts
may have limited voting rights, and investment restrictions in certain
countries may adversely impact the value of depositary receipts because such
restrictions may limit the ability to convert shares into depositary receipts
and vice versa. Such restrictions may cause shares of the underlying issuer to
trade at a discount or premium to the market price of the depositary receipts.

The purchase and sale of the foreign Securities, other than foreign Securities
listed on a U.S. securities exchange, will generally occur only in foreign
securities markets. Because foreign securities exchanges may be open on
different days than the days during which investors may purchase or redeem
Units, the value of a Trust's Securities may change on days when investors are
not able to purchase or redeem Units. Although we do not believe that the
Trusts will have problems buying and selling these Securities, certain of the
factors stated above may make it impossible to buy or sell them in a timely
manner. Custody of certain of the Securities in the Target VIP Portfolio is
maintained by: Crest Co. Ltd. for United Kingdom Securities and Euroclear
Bank, a global custody and clearing institution for all other foreign
Securities; each of which has entered into a sub-custodian relationship with
the Trustee. In the event the Trustee informs the Sponsor of any material
change in the custody risks associated with maintaining assets with any of the
entities listed above, the Sponsor will instruct the Trustee to take such
action as the Sponsor deems appropriate to minimize such risk.

Emerging and Developing Markets.  Certain of the Securities held by certain of
the Trusts are issued by companies headquartered or incorporated in countries
considered to be emerging or developing markets or have significant business
operations in emerging or developing markets. Risks of investing in emerging
and developing countries are even greater than the risks associated with
foreign investments in general. These increased risks include, among other
risks, the possibility of investment and trading limitations, greater
liquidity concerns, higher price volatility, greater delays and disruptions in
settlement transactions, greater political uncertainties and greater
dependence on international trade or development assistance. In addition, less
information about emerging and developing market companies is publicly
available due to differences in regulatory, accounting, audit and financial
recordkeeping standards and information that is available may be unreliable or
outdated. Moreover, the rights and remedies associated with emerging and
developing market investment securities may be different than those available

Page 55


for investments in more developed markets. Furthermore, emerging and
developing market countries may be subject to overburdened infrastructures,
obsolete financial systems and environmental problems. For these reasons,
investments in emerging and developing markets are often considered speculative.

Exchange Rates. Because securities of foreign issuers not listed on a U.S.
securities exchange generally pay dividends and trade in foreign currencies,
the U.S. dollar value of these Securities (and therefore Units of the Trusts
containing securities of foreign issuers) will vary with fluctuations in
foreign exchange rates. As the value of Units of a Trust will vary with
fluctuations in both the value of the underlying Securities as well as foreign
exchange rates, an increase in the value of the Securities could be more than
offset by a decrease in value of the foreign currencies in which they are
denominated against the U.S. dollar, resulting in a decrease in value of the
Units. Most foreign currencies have fluctuated widely in value against the
U.S. dollar for various economic and political reasons.

To determine the value of foreign Securities not listed on a U.S. securities
exchange or their dividends, the Sponsor will estimate current exchange rates
for the relevant currencies based on activity in the various currency exchange
markets. However, these markets can be quite volatile, depending on the
activity of the large international commercial banks, various central banks,
large multi-national corporations, speculators, hedge funds and other buyers
and sellers of foreign currencies. Since actual foreign currency transactions
may not be instantly reported, the exchange rates estimated by the Sponsor may
not reflect the amount the Trusts would receive, in U.S. dollars, had the
Trustee sold any particular currency in the market. The value of the
Securities in terms of U.S. dollars, and therefore the value of your Units,
will decline if the U.S. dollar increases in value relative to the value of
the currency in which the Securities trade. In addition, the value of
dividends received in foreign currencies will decline in value in terms of
U.S. dollars if the U.S. dollar increases in value relative to the value of
the currency in which the dividend was paid prior to the time in which the
dividend is converted to U.S. dollars.

Small and/or Mid Capitalization Companies. Certain of the Securities held by
certain of the Trusts are issued by small and/or mid capitalization companies.
Investing in stocks of such companies may involve greater risk than investing
in larger companies. For example, such companies may have limited product
lines, as well as shorter operating histories, less experienced management and
more limited financial resources than larger companies. Securities of such
companies generally trade in lower volumes and are generally subject to
greater and less predictable changes in price than securities of larger
companies. In addition, small and mid-cap stocks may not be widely followed by
the investment community, which may result in low demand.

Large Capitalization Companies. Certain of the Securities held by certain of
the Trusts are issued by large capitalization companies. The return on
investment in stocks of large capitalization companies may be less than the
return on investment in stocks of small and/or mid capitalization companies.
Large capitalization companies may also grow at a slower rate than the overall
market.

Cybersecurity Risk. As the use of Internet technology has become more
prevalent in the course of business, the Trusts have become more susceptible
to potential operational risks through breaches in cybersecurity. A breach in
cybersecurity refers to both intentional and unintentional events that may
cause a Trust to lose proprietary information, suffer data corruption or lose
operational capacity. Such events could cause the Sponsor of the Trusts to
incur regulatory penalties, reputational damage, additional compliance costs
associated with corrective measures and/or financial loss. Cybersecurity
breaches may involve unauthorized access to digital information systems
utilized by the Trusts through "hacking" or malicious software coding, but may
also result from outside attacks such as denial-of-service attacks through
efforts to make network services unavailable to intended users. In addition,
cybersecurity breaches of a Trust's third-party service providers, or issuers
in which the Trusts invest, can also subject the Trusts to many of the same
risks associated with direct cybersecurity breaches. The Sponsor of, and third-
party service provider to, the Trusts have established risk management systems
designed to reduce the risks associated with cybersecurity. However, there is
no guarantee that such efforts will succeed, especially because the Trusts do
not directly control the cybersecurity systems of issuers or third-party
service providers.

Legislation/Litigation. From time to time, various legislative initiatives are
proposed in the United States and abroad which may have a negative impact on
certain of the companies represented in the Trusts. In addition, litigation
regarding any of the issuers of the Securities, or the industries represented
by these issuers, may negatively impact the value of these Securities. We
cannot predict what impact any pending or proposed legislation or pending or
threatened litigation will have on the value of the Securities.

Page 56


       Backtested Hypothetical Performance Information

The following tables compare the hypothetical performance information for the
identical strategies employed by each Trust and the actual performances of the
DJIA(R), the Dow Jones U.S. Select Dividend Index(sm), Russell 3000(R) Index,
S&P 500(R) Index, S&P 1000(R) Index and the MSCI All Country World Index in
each of the full years listed below (and as of the most recent month). The
Trusts did not achieve the performance shown.

These hypothetical returns should not be used to predict or guarantee future
performance of the Trusts. Returns from a Trust will differ from its strategy
for several reasons, including the following:

- Total Return figures shown do not reflect commissions paid by a Trust on the
purchase of Securities or taxes incurred by you.

- Strategy returns are for calendar years (and through the most recent month),
while the Trusts begin and end on various dates.

- Trusts have a maturity longer than one year.

- Trusts may not be fully invested at all times or equally-weighted in each of
the strategies or the stocks comprising their respective strategy or strategies.

- Extraordinary market events that are not expected to be repeated and which
may have affected performance.

- Securities are often purchased or sold at prices different from the closing
prices used in buying and selling Units.

- Cash flows (receipt/investment of).

- For Trusts investing in foreign Securities, currency exchange rates may
differ.

You should note that the Trusts are not designed to parallel movements in any
index and it is not expected that they will do so. In fact, each Trust's
strategy underperformed its comparative index, or combination thereof, in
certain years and we cannot guarantee that a Trust will outperform its
respective index over the life of a Trust or over consecutive rollover
periods, if available. Each index differs widely in size and focus, as
described below.

DJIA(R). The Dow Jones Industrial Average is a price-weighted measure of 30
U.S. blue-chip companies. The index covers all industries with the exception
of transportation and utilities. While stock selection is not governed by
quantitative rules, a stock typically is added to the index only if the
company has an excellent reputation, demonstrates sustained growth and is of
interest to a large number of investors.

Dow Jones U.S. Select Dividend Index(sm). The Dow Jones U.S. Select Dividend
Index(sm) consists of 100 dividend-paying stocks, weighted by their indicated
annualized yield. Eligible stocks are selected from a universe of all dividend-
paying companies in the Dow Jones U.S. Total Market Index(sm) that have a non-
negative historical five-year dividend-per-share growth rate, a five-year
average dividend to earnings-per-share ratio of less than or equal to 60% and
a three-month average daily trading volume of 200,000 shares.

Russell 3000(R) Index. The Russell 3000(R) Index offers investors access to
the broad U.S. equity universe representing approximately 98% of the U.S.
market. The Russell 3000(R) Index is constructed to provide a comprehensive,
unbiased and stable barometer of the broad market and is completely
reconstituted annually to ensure new and growing equities are reflected.

S&P 500(R) Index. The S&P 500(R) Index consists of stocks of 500 issuers
chosen by Standard and Poor's to be representative of the leaders of various
industries.

S&P 1000(R) Index. The S&P 1000(R) Index is a combination of the S&P MidCap
400(R) (the most widely used index for mid-size companies) and the S&P
SmallCap 600(R) (an index of 600 U.S. small-cap companies), where the S&P
MidCap 400(R) represents approximately 70% of the index and S&P SmallCap 600
represents approximately 30% of the index).

MSCI All Country World Index. The MSCI All Country World Index is an unmanaged
free float-adjusted market capitalization weighted index designed to measure
the equity market performance of developed and emerging markets. The index
cannot be purchased directly by investors.

The indexes are unmanaged, not subject to fees and not available for direct
investment.

Page 57



                                  COMPARISON OF HYPOTHETICAL TOTAL RETURN(2)

(Strategy figures reflect the deduction of sales charges and expenses but not brokerage commissions or taxes.)
                                   Hypothetical Strategy Total Returns(1)(3)

                                                S&P Dividend                                   Target
               The Dow(R)      The Dow(R)        Aristocrats      S&P          S&P Target    Diversified
               Target 5     Target Dividend       Target 25     Target 24        SMid 60       Dividend
Year           Strategy        Strategy           Strategy       Strategy       Strategy      Strategy
____           __________   _______________     ____________    __________     ___________   ___________
1972            20.01%
1973            17.45%
1974            -7.62%
1975            62.72%
1976            38.70%
1977             3.05%
1978            -1.43%
1979             7.27%
1980            38.51%
1981             1.13%
1982            40.83%
1983            34.07%
1984             8.43%
1985            35.80%
1986            28.12%                                           19.51%
1987             8.35%                                            1.90%
1988            18.77%                                            4.46%
1989             7.84%                                           22.50%
1990           -18.03%                                            6.60%
1991            59.60%                                           40.52%
1992            20.50%       29.93%                              -1.63%
1993            31.25%       18.14%                               8.20%
1994             5.28%       -8.59%                               4.96%
1995            27.89%       46.81%                              39.14%         25.25%        28.12%
1996            23.32%       16.07%                              31.43%         13.13%        14.93%
1997            16.98%       40.51%                              30.23%         41.98%        25.93%
1998             9.77%        2.91%                              39.98%          4.79%        12.91%
1999            -9.59%       -6.70%                              41.30%         23.78%        17.50%
2000             8.11%       25.77%              6.85%            4.01%         13.96%        19.77%
2001            -5.13%       40.56%             16.05%          -10.90%         31.91%        29.58%
2002           -12.96%       -0.87%            -10.19%          -19.10%         -5.36%       -10.44%
2003            20.01%       32.01%             19.76%           23.29%         45.22%        47.01%
2004             9.49%       18.82%             17.19%           13.72%         23.41%        20.48%
2005            -3.09%        2.20%              3.63%            3.79%          2.99%         1.93%
2006            38.61%       17.54%             18.01%            1.58%         19.60%        15.38%
2007             1.54%        1.02%              5.24%            3.32%         -9.74%        -3.90%
2008           -50.45%      -39.57%            -22.21%          -29.28%        -37.73%       -37.09%
2009            17.07%       14.21%             21.73%           12.23%         59.81%        40.75%
2010            10.01%       15.65%             16.90%           18.28%         14.98%        20.16%
2011            16.78%        5.52%              8.44%            7.05%         -8.90%         3.10%
2012             9.17%        4.87%             12.46%            8.11%         20.29%        10.72%
2013            38.30%       28.65%             33.44%           42.43%         37.29%        31.56%
2014            11.35%       12.77%             11.55%            7.17%         -0.37%         5.13%
2015             7.60%       -6.10%             -2.87%            2.17%         -8.99%       -13.06%
2016            11.52%       22.95%             13.34%            0.75%         30.65%        15.82%
2017             9.96%        7.00%             16.65%           19.44%         -0.19%         6.58%
2018            -2.01%      -11.41%             -9.06%           -1.34%        -23.82%       -12.41%
2019             7.12%        8.91%             28.57%           34.03%          3.11%        25.97%
2020            -6.87%      -14.18%              2.08%           29.39%        -22.88%        -6.14%
2021            15.91%       28.22%             28.85%           31.94%         48.89%        24.87%
2022           -19.61%       -4.41%             -9.83%          -19.81%        -13.16%        -2.93%
2023             5.59%       -6.58%              0.62%            7.56%          1.67%         1.69%
(thru 3/31)

Page 58


                                       COMPARISON OF HYPOTHETICAL TOTAL RETURN(2)

     (Strategy figures reflect the deduction of sales charges and expenses but not brokerage commissions or taxes.)
                                             Hypothetical Strategy Total Returns(1)(3)
           Target        Target Global
            Focus           Dividend        Target          Target            Target         Value Line(R)
            Four            Leaders         Growth          Triad              VIP            Target 25
Year      Strategy          Strategy       Strategy        Strategy          Strategy          Strategy
____      _________      _____________     ________        ________          _________        ___________
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985                                                                                           33.25%
1986                                                                                           20.16%
1987                                                                                           16.87%
1988                                                                                           -9.45%
1989                                                                                           48.10%
1990                                                                           0.11%            3.08%
1991                                                                          57.05%           83.68%
1992                                                                           4.08%           -2.69%
1993                                                                          22.04%           24.98%
1994                                                                           2.03%           12.10%
1995                                        30.94%                            42.86%           52.09%
1996       27.63%                           24.97%           22.03%           38.63%           54.12%
1997       37.02%                           41.13%           34.62%           25.78%           33.81%
1998       30.82%          2.68%            37.15%           27.34%           51.21%           90.93%
1999       44.88%         12.49%            33.78%           31.74%           48.76%          111.14%
2000        9.49%          4.72%             8.38%           11.79%           -4.54%          -10.43%
2001       20.00%          7.01%            -4.20%            4.77%          -11.32%           -0.17%
2002      -11.21%         -7.53%           -10.79%          -11.71%          -21.34%          -23.95%
2003       38.60%         48.18%            34.01%           38.12%           34.71%           39.23%
2004       21.42%         24.60%            16.73%           18.38%           13.01%           21.72%
2005        8.73%         11.70%            17.11%           12.15%            6.73%           19.64%
2006       14.05%         29.58%            16.84%           17.43%           11.82%            0.63%
2007        6.82%         22.20%            19.95%           13.24%            9.22%           23.49%
2008      -43.47%        -30.11%           -52.52%          -47.61%          -45.93%          -51.45%
2009       27.07%         53.38%            18.21%           27.03%           11.98%            3.07%
2010       17.71%         20.22%            17.15%           16.23%           18.25%           28.53%
2011      -11.72%          0.37%           -12.52%           -8.46%           -2.08%          -29.31%
2012       12.52%         12.78%             5.79%            7.38%           12.20%           14.14%
2013       31.24%         25.27%            37.15%           33.06%           36.10%           33.91%
2014        5.66%          3.15%             6.30%            4.39%            6.10%            9.90%
2015       -8.59%        -12.36%             8.24%           -0.15%           -4.48%           -9.48%
2016       18.73%         14.92%            -1.87%            4.67%            8.21%            5.27%
2017        5.54%          7.41%            35.29%           24.43%           19.88%            7.46%
2018      -13.24%        -13.16%           -18.02%          -16.04%           -7.59%           -4.05%
2019        7.17%         14.50%            33.28%           28.76%           18.83%            8.61%
2020       -1.59%         -3.45%            22.75%           10.15%           11.60%           37.22%
2021       37.60%         21.70%             9.90%           15.35%           29.48%           41.48%
2022      -15.65%         -5.87%           -21.12%          -13.61%          -16.83%          -34.33%
2023       -2.63%         -0.42%             4.61%            3.68%            0.18%           -5.27%
(thru 3/31)

Page 59


                                  COMPARISON OF HYPOTHETICAL TOTAL RETURN(2)

                                          Index Total Returns(3)

                      Dow Jones
                     U.S. Select                                    Russell         MSCI All
                      Dividend        S&P 500(R)      S&P 1000(R)   3000(R)      Country World
Year    DJIA(R)       Index(sm)         Index            Index       Index           Index
____    _______     _____________     _________       ___________   ________     ______________
1972     18.48%                        19.00%
1973    -13.28%                       -14.69%
1974    -23.58%                       -26.47%
1975     44.75%                        37.23%
1976     22.82%                        23.93%
1977    -12.84%                        -7.16%
1978      2.79%                         6.57%
1979     10.55%                        18.61%
1980     22.17%                        32.50%
1981     -3.57%                        -4.92%
1982     27.11%                        21.55%
1983     25.97%                        22.56%
1984      1.31%                         6.27%
1985     33.55%                        31.72%
1986     27.10%                        18.67%
1987      5.48%                         5.25%
1988     16.14%                        16.56%
1989     32.19%                        31.62%
1990     -0.56%                        -3.19%
1991     24.19%                        30.33%
1992      7.41%      22.65%             7.61%
1993     16.93%      14.59%            10.04%
1994      5.01%      -0.19%             1.30%
1995     36.87%      42.80%            37.50%          30.69%        36.57%
1996     28.89%      25.08%            22.89%          19.85%        21.63%
1997     24.94%      37.83%            33.31%          30.26%        31.67%
1998     18.15%       4.33%            28.55%          13.20%        24.11%       21.97%
1999     27.21%      -4.08%            21.03%          14.11%        20.96%       26.82%
2000     -4.71%      24.86%            -9.10%          15.86%        -7.30%      -13.94%
2001     -5.43%      13.09%           -11.88%           1.45%       -11.43%      -15.91%
2002    -14.97%      -3.94%           -22.09%         -14.54%       -21.53%      -18.98%
2003     28.23%      30.16%            28.65%          36.61%        31.02%       34.63%
2004      5.30%      18.14%            10.87%          18.39%        11.93%       15.75%
2005      1.72%       3.79%             4.90%          10.93%         6.10%       11.37%
2006     19.03%      19.54%            15.76%          11.89%        15.67%       21.53%
2007      8.87%      -5.16%             5.56%           5.18%         5.16%       12.18%
2008    -31.92%     -30.97%           -36.99%         -34.67%       -37.32%      -41.85%
2009     22.70%      11.13%            26.46%          33.48%        28.29%       35.41%
2010     14.10%      18.32%            15.08%          26.55%        16.93%       13.21%
2011      8.34%      12.42%             2.08%          -0.92%         1.00%       -6.86%
2012     10.23%      10.84%            15.98%          17.40%        16.41%       16.80%
2013     29.63%      29.06%            32.36%          35.87%        33.55%       23.44%
2014     10.02%      15.36%            13.65%           8.54%        12.53%        4.71%
2015      0.23%      -1.64%             1.38%          -2.11%         0.48%       -1.84%
2016     16.40%      21.98%            11.93%          22.49%        12.70%        8.48%
2017     28.07%      15.44%            21.80%          15.33%        21.10%       24.62%
2018     -3.48%      -5.94%            -4.39%         -10.30%        -5.24%       -8.93%
2019     25.32%      23.11%            31.45%          25.14%        30.99%       27.30%
2020      9.75%      -4.56%            18.39%          12.98%        20.88%       16.82%
2021     20.95%      32.25%            28.67%          25.35%        25.63%       19.04%
2022     -6.86%       2.31%           -18.12%         -13.98%       -19.21%      -17.96%
2023      0.93%      -1.82%             7.48%           3.43%         7.16%        7.44%
(thru 3/31)

______________________


See "Notes to Comparison of Hypothetical Total Return" on page 61.

Page 60


               NOTES TO COMPARISON OF HYPOTHETICAL TOTAL RETURN

(1) The Strategy stocks for each Strategy for a given year consist of the
common stocks selected by applying the respective Strategy as of the beginning
of the period (and not the date the Trusts actually sell Units).

(2) Hypothetical Total Return represents the sum of the change in market value
of each group of stocks between the first and last trading day of a period
plus the total dividends paid on each group of stocks during such period
divided by the opening market value of each group of stocks as of the first
trading day of a period. Hypothetical Total Return figures assume that all
dividends are reinvested in the same manner as the corresponding Trust
(monthly or semi-annually) for the hypothetical Strategy returns and monthly
in the case of Index returns (except for the S&P 1000(R) Index, which assumes
daily reinvestment of dividends) and all returns are stated in terms of U.S.
dollars. Hypothetical Strategy figures reflect the deduction of sales charges
and expenses as listed in the "Fee Table," but have not been reduced by
estimated brokerage commissions paid by Trusts in acquiring Securities or any
taxes incurred by investors. If a security which is selected by a Strategy is
merged out of existence, delisted or suffers a similar fate during the period
in which such hypothetical Strategy performance is being measured, such
security will not be replaced by another security during that period and the
return of such security will not be annualized in the calculation of the
hypothetical returns. Based on the year-by-year hypothetical returns contained
in the above tables, over the full years as listed above, with the exception
of The Dow(R) Target Dividend Strategy and the S&P Target SMid 60 Strategy,
each hypothetical Strategy would have hypothetically achieved a greater
average annual total return than that of its corresponding index, as shown in
the table below.

Simulated returns are hypothetical, meaning that they do not represent
actual trading, and, thus, may not reflect material economic and market
factors, such as liquidity constraints, that may have had an impact on actual
decision making. The hypothetical performance is the retroactive application
of the Strategy designed with the full benefit of hindsight.

(3) Source of Index Total Returns: Bloomberg L.P.
Source of Hypothetical Strategy Total Returns: CapIQ and Compustat, as
confirmed by Bloomberg L.P. and FactSet.

                            HYPOTHETICAL COMPARISON OF AVERAGE ANNUAL RETURN FOR PERIODS ENDING DECEMBER 31, 2022

            Hypothetical Strategy Average Annual Return                                     Index Average Annual Return
                                                          Since                                                                      Since
Strategy                           1 Year  5 Year 10 Year Inception  Corresponding Index                      1 Year  5 Year 10 Year Inception
________                           ______  ______ _______ _________  ___________________                      ______  ______ _______ _________
The Dow(R) Target 5                -19.61% -1.85%  6.35%  11.09%     DJIA(R) (12/31/71 - 12/31/22)             -6.86% 8.38%  12.29%  10.88%
The Dow(R) Target Dividend          -4.41%  0.30%  6.17%   9.63%     Dow Jones U.S. Select Dividend Index(sm)   2.31% 8.38%  11.92%  11.54%
                                                                     S&P 500(R) Index (12/31/91 - 12/31/22)   -18.12% 9.41%  12.54%   9.57%
S&P Dividend Aristocrats Target 25  -9.83%  6.76% 10.24%   8.96%     S&P 500(R) Index (12/31/99 - 12/31/22)   -18.12% 9.41%  12.54%   6.26%
S&P Target 24                      -19.81% 12.60% 13.01%  11.27%     S&P 500(R) Index (12/31/85 - 12/31/22)   -18.12% 9.41%  12.54%  10.56%
S&P Target SMid 60                 -13.16% -4.77%  2.43%   9.21%     S&P 1000(R) Index                        -13.98% 6.46%  10.80%  11.29%
Target Diversified Dividend         -2.93%  4.65%  6.42%  10.28%     Russell 3000(R) Index                    -19.21% 8.77%  12.12%   9.85%
Target Focus Four                  -15.65%  1.21%  5.37%   9.71%     S&P 500(R) Index (12/31/95 - 12/31/22)   -18.12% 9.41%  12.54%   9.02%
Target Global Dividend Leaders      -5.87%  1.92%  4.39%   9.07%     MSCI All Country World Index             -17.96% 5.75%   8.54%   6.41%
Target Growth                      -21.12%  3.06%  9.31%  10.14%     S&P 500(R) Index (12/31/94 - 12/31/22)   -18.12% 9.41%  12.54%   9.93%
Target Triad                       -13.61%  3.48%  7.92%   9.40%     S&P 500(R) Index (12/31/95 - 12/31/22)   -18.12% 9.41%  12.54%   9.02%
Target VIP                         -16.83%  5.70%  8.97%  10.63%     S&P 500(R) Index (12/31/89 - 12/31/22)   -18.12% 9.41%  12.54%   9.73%
Value Line(R) Target 25            -34.33%  5.85%  7.19%  14.01%     S&P 500(R) Index (12/31/84 - 12/31/22)   -18.12% 9.41%  12.54%  11.07%

              PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Page 61


                       Public Offering

The Public Offering Price.

Units will be purchased at the Public Offering Price, the price per Unit of
which is comprised of the following:

- The aggregate underlying value of the Securities;

- The amount of any cash in the Income and Capital Accounts;

- Dividends receivable on Securities; and

- The maximum sales charge (which combines an initial upfront sales charge, a
deferred sales charge and the creation and development fee).

The price you pay for your Units will differ from the amount stated under
"Summary of Essential Information" due to various factors, including
fluctuations in the prices of the Securities, changes in the relevant currency
exchange rates, changes in the applicable commissions, stamp taxes, custodial
fees and other costs associated with foreign trading, and changes in the value
of the Income and/or Capital Accounts.

Although you are not required to pay for your Units until two business days
following your order (the "date of settlement"), you may pay before then. You
will become the owner of Units ("Record Owner") on the date of settlement if
payment has been received. If you pay for your Units before the date of
settlement, we may use your payment during this time and it may be considered
a benefit to us, subject to the limitations of the Securities Exchange Act of
1934, as amended.

Organization Costs. Securities purchased with the portion of the Public
Offering Price intended to be used to reimburse the Sponsor for a Trust's
organization costs (including costs of preparing the registration statement,
the Indenture and other closing documents, registering Units with the SEC and
states, licensing fees required for the establishment of certain of the Trusts
under licensing agreements which provide for full payment of the licensing
fees not later than the conclusion of the organization expense period, the
initial audit of each Trust's statement of net assets, legal fees and the
initial fees and expenses of the Trustee) will be purchased in the same
proportionate relationship as all the Securities contained in a Trust.
Securities will be sold to reimburse the Sponsor for a Trust's organization
costs at the end of the initial offering period (a significantly shorter time
period than the life of the Trusts). During the initial offering period, there
may be a decrease in the value of the Securities. To the extent the proceeds
from the sale of these Securities are insufficient to repay the Sponsor for
Trust organization costs, the Trustee will sell additional Securities to allow
a Trust to fully reimburse the Sponsor. In that event, the net asset value per
Unit of a Trust will be reduced by the amount of additional Securities sold.
Although the dollar amount of the reimbursement due to the Sponsor will remain
fixed and will never exceed the per Unit amount set forth for a Trust in
"Notes to Statements of Net Assets," this will result in a greater effective
cost per Unit to Unit holders for the reimbursement to the Sponsor. To the
extent actual organization costs are less than the estimated amount, only the
actual organization costs will ultimately be charged to a Trust. When
Securities are sold to reimburse the Sponsor for organization costs, the
Trustee will sell Securities, to the extent practicable, which will maintain
the same proportionate relationship among the Securities contained in a Trust
as existed prior to such sale.

Minimum Purchase.

The minimum amount per account you can purchase of a Trust is generally $1,000
worth of Units ($500 if you are purchasing Units for your Individual
Retirement Account or any other qualified retirement plan), but such amounts
may vary depending on your selling firm.

Maximum Sales Charge.

The maximum sales charge of 1.85% per Unit is comprised of a transactional
sales charge and a creation and development fee. After the initial offering
period the maximum sales charge will be reduced by 0.50%, to reflect the
amount of the previously charged creation and development fee.

Transactional Sales Charge.

The transactional sales charge you will pay has both an initial and a deferred
component.

Initial Sales Charge. The initial sales charge, which you will pay at the time
of purchase, is equal to the difference between the maximum sales charge of
1.85% of the Public Offering Price and the sum of the maximum remaining
deferred sales charge and creation and development fee (initially $.185 per
Unit). On the Initial Date of Deposit, and any other day the Public Offering
Price per Unit equals $10.00, there is no initial sales charge. Thereafter,
you will pay an initial sales charge when the Public Offering Price per Unit
exceeds $10.00 per Unit and as deferred sales charge and creation and
development fee payments are made.

Monthly Deferred Sales Charge. In addition, three monthly deferred sales
charges of $.045 per Unit will be deducted from a Trust's assets on
approximately the twentieth day of each month from July 20, 2023 through
September 20, 2023. If you buy Units at a price of less than $10.00 per Unit,

Page 62


the dollar amount of the deferred sales charge will not change, but the
deferred sales charge on a percentage basis will be more than 1.35% of the
Public Offering Price.

Creation and Development Fee.

As Sponsor, we will also receive, and the Unit holders will pay, a creation
and development fee. See "Expenses and Charges" for a description of the
services provided for this fee. The creation and development fee is a charge
of $.050 per Unit collected at the end of the initial offering period. If you
buy Units at a price of less than $10.00 per Unit, the dollar amount of the
creation and development fee will not change, but the creation and development
fee on a percentage basis will be more than 0.50% of the Public Offering Price.

Discounts for Certain Persons.

The maximum sales charge is 1.85% per Unit and the maximum dealer concession
is 1.25% per Unit.

If you are purchasing Units for an investment account, the terms of which
provide that your registered investment advisor or registered broker/dealer
(a) charges periodic fees in lieu of commissions; (b) charges for financial
planning, investment advisory or asset management services; or (c) charges a
comprehensive "wrap fee" or similar fee for these or comparable services ("Fee
Accounts"), you will not be assessed the transactional sales charge described
above on such purchases. These Units will be designated as Fee Account Units
and, depending upon the purchase instructions we receive, assigned either a
Fee Account Cash CUSIP Number, if you elect to have distributions paid to you,
or a Fee Account Reinvestment CUSIP Number, if you elect to have distributions
reinvested into additional Units of a Trust. Certain Fee Account Unit holders
may be assessed transaction or other account fees on the purchase and/or
redemption of such Units by their registered investment advisor, broker/dealer
or other processing organizations for providing certain transaction or account
activities. Fee Account Units are not available for purchase in the secondary
market. We reserve the right to limit or deny purchases of Units not subject
to the transactional sales charge by investors whose frequent trading activity
we determine to be detrimental to the Trusts.

Employees, officers and directors (and immediate family members) of the
Sponsor, our related companies, and dealers and their affiliates will purchase
Units at the Public Offering Price less the applicable dealer concession,
subject to the policies of the related selling firm. Immediate family members
include spouses, or the equivalent if recognized under local law, children or
step-children under the age of 21 living in the same household, parents or
step-parents and trustees, custodians or fiduciaries for the benefit of such
persons. Only employees, officers and directors of companies that allow their
employees to participate in this employee discount program are eligible for
the discounts.

You will be charged the deferred sales charge per Unit regardless of the price
you pay for your Units or whether you are eligible to receive any discounts.
However, if the purchase price of your Units was less than $10.00 per Unit or
if you are eligible to receive a discount such that the maximum sales charge
you must pay is less than the applicable maximum deferred sales charge,
including Fee Account Units, you will be credited additional Units with a
dollar value equal to the difference between your maximum sales charge and the
maximum deferred sales charge at the time you buy your Units. If you elect to
have distributions reinvested into additional Units of a Trust, in addition to
the reinvestment Units you receive you will also be credited additional Units
with a dollar value at the time of reinvestment sufficient to cover the amount
of any remaining deferred sales charge and creation and development fee to be
collected on such reinvestment Units. The dollar value of these additional
credited Units (as with all Units) will fluctuate over time, and may be less
on the dates deferred sales charges or the creation and development fee are
collected than their value at the time they were issued.

The Value of the Securities.

The Sponsor will determine the aggregate underlying value of the Securities in
a Trust as of the Evaluation Time on each business day and will adjust the
Public Offering Price of the Units according to this valuation. This Public
Offering Price will be effective for all orders received before the Evaluation
Time on each such day. If we or the Trustee receive orders for purchases,
sales or redemptions after that time, or on a day which is not a business day,
they will be held until the next determination of price. The term "business
day" as used in this prospectus shall mean any day on which the NYSE is open.
For purposes of Securities and Unit settlement, the term business day does not
include days on which U.S. financial institutions are closed.

The aggregate underlying value of the Securities in the Trusts will be
determined as follows: if the Securities are listed on a national or foreign
securities exchange or The NASDAQ Stock Market, LLC(R), their value shall
generally be based on the closing sale price on the exchange or system which
is the principal market therefore ("Primary Exchange"), which shall be deemed

Page 63


to be the NYSE if the Securities are listed thereon (unless the Sponsor deems
such price inappropriate as the basis for evaluation). In the event a closing
sale price on the Primary Exchange is not published, the Securities will be
valued based on the last trade price on the Primary Exchange. If no trades
occur on the Primary Exchange for a specific trade date, the value will be
based on the closing sale price from, in the opinion of the Sponsor, an
appropriate secondary exchange, if any. If no trades occur on the Primary
Exchange or any appropriate secondary exchange on a specific trade date, the
Sponsor will determine the value of the Securities using the best information
available to the Sponsor, which may include the prior day's evaluated price.
If the Security is an American Depositary Receipt/ADR, Global Depositary
Receipt/GDR or other similar security in which no trade occurs on the Primary
Exchange or any appropriate secondary exchange on a specific trade date, the
value will be based on the evaluated price of the underlying security,
determined as set forth above, after applying the appropriate ADR/GDR ratio,
the exchange rate and such other information which the Sponsor deems
appropriate. For purposes of valuing Securities traded on The NASDAQ Stock
Market, LLC(R), closing sale price shall mean the Nasdaq(R) Official Closing
Price as determined by The NASDAQ Stock Market, LLC(R). If the Securities are
not so listed or, if so listed and the principal market therefore is other
than on the Primary Exchange or any appropriate secondary exchange, the value
shall generally be based on the current ask price on the over-the-counter
market (unless the Sponsor deems such price inappropriate as a basis for
evaluation). If current ask prices are unavailable, the value is generally
determined (a) on the basis of current ask prices for comparable securities,
(b) by appraising the value of the Securities on the ask side of the market,
or (c) any combination of the above. If such prices are in a currency other
than U.S. dollars, the value of such Security shall be converted to U.S.
dollars based on current exchange rates (unless the Sponsor deems such prices
inappropriate as a basis for evaluation). If the Sponsor deems a price
determined as set forth above to be inappropriate as the basis for evaluation,
the Sponsor shall use such other information available to the Sponsor which it
deems appropriate as the basis for determining the value of a Security.

After the initial offering period is over, the aggregate underlying value of
the Securities will be determined as set forth above, except that bid prices
are used instead of ask prices when necessary.

                    Distribution of Units

We intend to qualify Units of the Trusts for sale in a number of states. All
Units will be sold at the then current Public Offering Price.

The Sponsor compensates intermediaries, such as broker/dealers and banks, for
their activities that are intended to result in sales of Units of the Trusts.
This compensation includes dealer concessions described in the following
section and may include additional concessions and other compensation and
benefits to broker/dealers and other intermediaries.

Dealer Concessions.

Dealers and other selling agents can purchase Units at prices which reflect a
concession or agency commission of 1.25% of the Public Offering Price per
Unit, subject to reductions set forth in "Public Offering-Discounts for
Certain Persons."

Eligible dealer firms and other selling agents who, during the previous
consecutive 12-month period through the end of the most recent month, sold
primary market units of unit investment trusts sponsored by us in the dollar
amounts shown below will be entitled to up to the following additional sales
concession on primary market sales of units during the current month of unit
investment trusts sponsored by us:

Total sales                                Additional
(in millions)                              Concession
_____________________________________________________
$25 but less than $100                         0.035%
$100 but less than $150                        0.050%
$150 but less than $250                        0.075%
$250 but less than $1,000                      0.100%
$1,000 but less than $5,000                    0.125%
$5,000 but less than $7,500                    0.150%
$7,500 or more                                 0.175%

Dealers and other selling agents will not receive a concession on the sale of
Units which are not subject to a transactional sales charge, but such Units
will be included in determining whether the above volume sales levels are met.
Eligible dealer firms and other selling agents include clearing firms that
place orders with First Trust and provide First Trust with information with
respect to the representatives who initiated such transactions. Eligible
dealer firms and other selling agents will not include firms that solely
provide clearing services to other broker/dealer firms or firms who place
orders through clearing firms that are eligible dealers. We reserve the right
to change the amount of concessions or agency commissions from time to time.

Page 64


Certain commercial banks may be making Units of the Trusts available to their
customers on an agency basis. A portion of the transactional sales charge paid
by these customers is kept by or given to the banks in the amounts shown above.

Other Compensation and Benefits to Broker/Dealers.

The Sponsor, at its own expense and out of its own profits, currently provides
additional compensation and benefits to broker/dealers who sell Units of these
Trusts and other First Trust products. This compensation is intended to result
in additional sales of First Trust products and/or compensate broker/dealers
and financial advisors for past sales. A number of factors are considered in
determining whether to pay these additional amounts. Such factors may include,
but are not limited to, the level or type of services provided by the
intermediary, the level or expected level of sales of First Trust products by
the intermediary or its agents, the placing of First Trust products on a
preferred or recommended product list, access to an intermediary's personnel,
and other factors. The Sponsor makes these payments for marketing, promotional
or related expenses, including, but not limited to, expenses of entertaining
retail customers and financial advisers, advertising, sponsorship of events or
seminars, obtaining information about the breakdown of unit sales among an
intermediary's representatives or offices, obtaining shelf space in
broker/dealer firms and similar activities designed to promote the sale of the
Sponsor's products. The Sponsor makes such payments to a substantial majority
of intermediaries that sell First Trust products. The Sponsor may also make
certain payments to, or on behalf of, intermediaries to defray a portion of
their costs incurred for the purpose of facilitating Unit sales, such as the
costs of developing or purchasing trading systems to process Unit trades.
Payments of such additional compensation described in this and the preceding
paragraph, some of which may be characterized as "revenue sharing," create a
conflict of interest by influencing financial intermediaries and their agents
to sell or recommend a First Trust product, including these Trusts, over
products offered by other sponsors or fund companies. These arrangements will
not change the price you pay for your Units.

Advertising and Investment Comparisons.

Advertising materials regarding a Trust may discuss several topics, including:
developing a long-term financial plan; working with your financial
professional; the nature and risks of various investment strategies and unit
investment trusts that could help you reach your financial goals; the
importance of discipline; how a Trust operates; how securities are selected;
various unit investment trust features such as convenience and costs; and
options available for certain types of unit investment trusts. These materials
may include descriptions of the principal businesses of the companies
represented in each Trust, research analysis of why they were selected and
information relating to the qualifications of the persons or entities
providing the research analysis. In addition, they may include research
opinions on the economy and industry sectors included and a list of investment
products generally appropriate for pursuing those recommendations.

From time to time we may compare the estimated returns of a Trust (which may
show performance net of the expenses and charges a Trust would have incurred)
and returns over specified periods of other similar trusts we sponsor in our
advertising and sales materials, with (1) returns on other taxable investments
such as the common stocks comprising various market indexes, corporate or U.S.
Government bonds, bank CDs and money market accounts or funds, (2) performance
data from Morningstar, Inc. or (3) information from publications such as
Money, The New York Times, U.S. News and World Report, Bloomberg Businessweek,
Forbes or Fortune. The investment characteristics of each Trust differ from
other comparative investments. You should not assume that these performance
comparisons will be representative of a Trust's future performance. We may
also, from time to time, use advertising which classifies trusts or portfolio
securities according to capitalization and/or investment style.

                    The Sponsor's Profits

We will receive a gross sales commission equal to the maximum transactional
sales charge per Unit less any reduction as stated in "Public Offering." We
will also receive the amount of any collected creation and development fee.
Also, any difference between our cost to purchase the Securities and the price
at which we sell them to a Trust is considered a profit or loss (see Note 2 of
"Notes to Schedules of Investments"). During the initial offering period,
dealers and others may also realize profits or sustain losses as a result of
fluctuations in the Public Offering Price they receive when they sell the Units.

In maintaining a market for the Units, any difference between the price at
which we purchase Units and the price at which we sell or redeem them will be
a profit or loss to us.

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                    The Secondary Market

Although not obligated, we may maintain a market for the Units after the
initial offering period and continuously offer to purchase Units at prices
based on the Redemption Price per Unit.

We will pay all expenses to maintain a secondary market, except fees to value
Trust Securities and Trustee costs to transfer and record the ownership of
Units. We may discontinue purchases of Units at any time. IF YOU WISH TO
DISPOSE OF YOUR UNITS, YOU SHOULD ASK US FOR THE CURRENT MARKET PRICES BEFORE
MAKING A TENDER FOR REDEMPTION TO THE TRUSTEE. If you sell or redeem your
Units before you have paid the total deferred sales charge on your Units, you
will have to pay the remainder at that time.

                    How We Purchase Units

The Trustee will notify us of any tender of Units for redemption. If our bid
at that time is equal to or greater than the Redemption Price per Unit, we may
purchase the Units. You will receive your proceeds from the sale no later than
if they were redeemed by the Trustee. We may tender Units we hold to the
Trustee for redemption as any other Units. If we elect not to purchase Units,
the Trustee may sell tendered Units in the over-the-counter market, if any.
However, the amount you will receive is the same as you would have received on
redemption of the Units.

                    Expenses and Charges

The estimated annual expenses of each Trust are listed under "Fee Table." If
actual expenses of a Trust exceed the estimate, that Trust will bear the
excess. The Trustee will pay operating expenses of the Trusts from the Income
Account of such Trust if funds are available, and then from the Capital
Account. The Income and Capital Accounts are non-interest-bearing to Unit
holders, so the Trustee may earn interest on these funds, thus benefiting from
their use.

First Trust Advisors L.P., an affiliate of ours, acts as Portfolio Supervisor
and will be compensated for providing portfolio supervisory services as well
as bookkeeping and other administrative services to the Trusts. In providing
portfolio supervisory services, the Portfolio Supervisor may purchase research
services from a number of sources, which may include underwriters or dealers
of the Trusts. As Sponsor, we will be compensated for providing evaluation
services and we will receive brokerage fees when the Trusts use us (or an
affiliate of ours) as agent in buying or selling Securities. As authorized by
the Indenture, the Trustee may employ a subsidiary or affiliate of the Trustee
to act as broker to execute certain transactions for a Trust. Each Trust will
pay for such services at standard commission rates.

The fees payable to the Sponsor, First Trust Advisors L.P. and the Trustee are
based on the largest aggregate number of Units of a Trust outstanding at any
time during the calendar year, except during the initial offering period, in
which case these fees are calculated based on the largest number of Units
outstanding during the period for which compensation is paid. These fees may
be adjusted for inflation without Unit holders' approval, but in no case will
the annual fees paid to us or our affiliates for providing services to all
unit investment trusts be more than the actual cost of providing such services
in such year.

As Sponsor, we will receive a fee from each Trust for creating and developing
the Trusts, including determining each Trust's objectives, policies,
composition and size, selecting service providers and information services and
for providing other similar administrative and ministerial functions. The
"creation and development fee" is a charge of $.050 per Unit outstanding at
the end of the initial offering period. The Trustee will deduct this amount
from a Trust's assets as of the close of the initial offering period. We do
not use this fee to pay distribution expenses or as compensation for sales
efforts. This fee will not be deducted from your proceeds if you sell or
redeem your Units before the end of the initial offering period.

In addition to a Trust's operating expenses and those fees described above,
the Trusts may also incur the following charges:

- All legal expenses of the Trustee according to its responsibilities under
the Indenture;

- The expenses and costs incurred by the Trustee to protect a Trust and your
rights and interests (i.e., participating in litigation concerning a portfolio
security) and the costs of indemnifying the Trustee;

- Fees for any extraordinary services the Trustee performed under the Indenture;

- Payment for any loss, liability or expense the Trustee incurred without
negligence, bad faith or willful misconduct on its part, in connection with
its acceptance or administration of a Trust;

- Payment for any loss, liability or expenses we incurred without negligence,
bad faith or willful misconduct in acting as Sponsor of a Trust;

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- Foreign custodial and transaction fees (which may include compensation paid
to the Trustee or its subsidiaries or affiliates), if any; and/or

- All taxes and other government charges imposed upon the Securities or any
part of a Trust.

The above expenses and the Trustee's annual fee are secured by a lien on the
Trusts. In addition, if there is not enough cash in the Income or Capital
Accounts, the Trustee has the power to sell Securities to make cash available
to pay these charges which may result in capital gains or losses to you. See
"Tax Status."

                         Tax Status

Federal Tax Matters.

This section discusses some of the main U.S. federal income tax consequences
of owning Units of a Trust as of the date of this prospectus. Tax laws and
interpretations change frequently, and this summary does not describe all of
the tax consequences to all taxpayers. For example, this summary generally
does not describe your situation if you are a broker/dealer or other investor
with special circumstances. In addition, this section may not describe your
state, local or non-U.S. tax consequences.

This federal income tax summary is based in part on the advice of counsel to
the Sponsor. The Internal Revenue Service ("IRS") could disagree with any
conclusions set forth in this section. In addition, our counsel may not have
been asked to review, and may not have reached a conclusion with respect to
the federal income tax treatment of the assets to be deposited in the Trusts.
This summary may not be sufficient for you to use for the purpose of avoiding
penalties under federal tax law.

As with any investment, you should seek advice based on your individual
circumstances from your own tax advisor.

Grantor Trusts.
---------------

The following discussion pertains to The Dow(R) Target 5 Portfolio, The Dow(R)
Target Dividend Portfolio, S&P Target 24 Portfolio and Value Line(R) Target 25
Portfolio, which are considered grantor trusts under federal tax laws.

Trust Status.

Unit investment trusts maintain both Income and Capital Accounts, regardless
of tax structure. Please refer to the "Income and Capital Distributions"
section of the prospectus for more information.

The Trusts intend to qualify as grantor trusts under the federal tax laws. If
a Trust qualifies as a grantor trust, such Trust will not be taxed as a
corporation for federal income tax purposes and will not pay federal income
taxes. For federal income tax purposes, in grantor trusts you are deemed to
own a pro rata portion of the underlying assets of a Trust directly, and as
such you will be considered to have received a pro rata share of income. All
taxability issues are taken into account at the Unit holder level.

Income from the Trusts.

Income realized by a Trust passes through and is treated as income of the Unit
holders. Income is reported without any deduction for expenses. Expenses are
separately reported. Generally, the income paid to Unit holders is net the
expenses of a Trust, but the income reportable by Unit holders is gross the
expenses of such Trust.

You may be required to recognize income for federal income tax purposes in one
year even if you do not receive a corresponding distribution from a Trust, or
do not receive the corresponding distribution from such Trust until a later
year. This is true even if you elect to have your distributions reinvested
into additional Units. In addition, the income that you must take into account
for federal income tax purposes is not reduced by amounts used to pay sales
charges or Trust expenses.

Some income from a Trust's assets may have been received as long-term capital
gains, which, if you are an individual, is generally taxed at a lower rate
than your ordinary income and short-term capital gain income. Income from a
Trust's assets (including capital gain income) may also be subject to a
"Medicare tax" if your adjusted gross income exceeds certain threshold amounts.

Certain Stock Dividends.

Ordinary income dividends paid on certain stock held by a Trust are generally
taxed at the same rates that apply to long-term capital gains, provided
certain holding period requirements are satisfied and provided the dividends
are attributable to qualifying dividend income ("QDI") received by the Trust
itself. Ordinary income dividends that do not meet these requirements will
generally be taxed at ordinary income tax rates. After the end of the tax
year, each Trust will provide a tax statement to its Unit holders reporting
the amount of any distribution which may be taken into account as a dividend
which is eligible for the capital gains tax rates.

Unit holders that are corporations may be eligible for the dividends received
deduction on qualifying dividends received by a Trust from certain corporations.

Page 67


Sale of Units.

If you sell your Units (whether to a third party or to your Trust), you will
generally recognize a taxable gain or loss. To determine the amount of this
gain or loss, you must subtract your (adjusted) tax basis in your Trust's
assets from the amount you receive from the sale. You can generally determine
your original tax basis in each Trust's asset by apportioning the cost of your
Units, including sales charges, among the Trust assets ratably according to
their values on the date you acquire your Units. In certain circumstances,
however, you may have to use information provided by the Trustee to adjust
your tax basis after you acquire your Units (for example, in the case of
certain corporate events affecting an issuer, such as stock splits or mergers,
or in the case of certain dividends that exceed a corporation's accumulated
earnings and profits).

The tax statement you receive may contain information to allow you to
calculate and adjust your basis in a Trust's assets and determine whether any
gain or loss recognized by you should be considered long-term capital gain,
short-term capital gain or return of capital. The information reported to you
is based upon rules that do not take into consideration all of the facts that
may be known to you or to your advisors. You should consult with your tax
advisor about any adjustments that may need to be made to the information
reported to you in determining the amount of your gain or loss.

Under the wash sale rules, all or a portion of any loss you may recognize on a
disposition of your Units or on a disposition of assets by a Trust may be
disallowed if you purchase stocks or other assets that are the same as or
substantially identical to any of the assets held directly or indirectly
through such Trust within 30 days of the disposition.

Distribution Reinvestment Option.

If you elect to reinvest your distributions into additional Units, you will be
treated as if you have received your distribution in an amount equal to the
distribution you are entitled to. Your tax liability will be the same as if
you received the distribution in cash. Also, the reinvestment would generally
be considered a purchase of new Units for federal income tax purposes.

Treatment of Trust Expenses.

Generally, for federal income tax purposes, you must take into account your
full pro rata share of your Trust's income, even if some of that income is
used to pay Trust expenses. You may not be able to take a deduction for some
or all of these expenses even if the cash you receive is reduced by such
expenses.

Investments in Certain Non-U.S. Corporations.

A foreign corporation will generally be treated as a passive foreign
investment company ("PFIC") if 75% or more of its income is passive income or
if 50% or more of its assets are held to produce passive income. If a Trust
purchases shares in PFICs, you may be subject to U.S. federal income tax on a
portion of certain distributions from the PFICs or on gains from the
disposition of such PFIC shares at tax rates that were applicable in prior
years and any gain may be recharacterized as ordinary income that is not
eligible for the lower net capital gains tax rate. Additional charges in the
form of interest may also be imposed on you. Certain elections may be
available with respect to PFICs that would limit these consequences. However,
these elections would require you to include certain income of the PFICs in
your taxable income even if not distributed to a Trust or to you, or require
you to annually recognize as ordinary income any increase in the value of the
shares of the PFICs, thus requiring you to recognize income for federal income
tax purposes in excess of your actual distributions from PFICs and proceeds
from dispositions of PFIC stock during a particular year. Dividends paid by
PFICs are not treated as QDI to shareholders of the PFICs.

Non-U.S. Financial Accounts.

A Trust may directly or indirectly hold financial accounts outside of the
United States. You may have certain reporting obligations to the United States
Treasury Department under its rules relating to the reporting of foreign bank
and financial accounts (commonly known as "FBAR"). You should consult with
your tax advisor as to any reporting obligations that you may have as a result
of your investment in a Trust.

Non-U.S. Investors.

If you are a non-U.S. investor, distributions from a Trust treated as
dividends will generally be subject to a U.S. withholding tax of 30% of the
distribution. Certain dividends, such as capital gains dividends, short-term
capital gains dividends, and distributions that are attributable to exempt-
interest income or certain other interest income, may not be subject to U.S.
withholding taxes. In addition, some non-U.S. investors may be eligible for a
reduction or elimination of U.S. withholding taxes under a treaty. However,
the qualification for those exclusions may not be known at the time of the
distribution and some excluded income may be taken into consideration for
alternative minimum tax purposes.

Separately, the United States, pursuant to the Foreign Account Tax Compliance
Act ("FATCA") imposes a 30% tax on certain non-U.S. entities that receive U.S.
source interest or dividends if the non-U.S. entity does not comply with

Page 68


certain U.S. disclosure and reporting requirements. This FATCA tax also
currently applies to the gross proceeds from the disposition of securities
that produce U.S. source interest or dividends. However, proposed regulations
may eliminate the requirement to withhold on payments of gross proceeds from
dispositions.

It is the responsibility of the entity through which you hold your Units to
determine the applicable withholding.

Foreign Tax Credit.

If a Trust directly or indirectly invests in non-U.S. stocks, the tax
statement that you receive may include an item showing foreign taxes such
Trust paid to other countries. You may be able to deduct or receive a tax
credit for your share of these taxes. A Trust would have to meet certain IRS
requirements in order to pass through credits to you.

In-Kind Distributions.

If permitted by this prospectus, as described in "Redeeming Your Units," you
may request an In-Kind Distribution of a Trust's assets when you redeem your
Units at any time prior to 30 business days before the Trust's Mandatory
Termination Date. However, this ability to request an In-Kind Distribution
will terminate at any time that the number of outstanding Units has been
reduced to 10% or less of the highest number of Units issued by a Trust. You
will not recognize gain or loss if you only receive whole Trust assets in
exchange for the identical amount of your pro rata portion of the same Trust
assets held by your Trust. However, if you also receive cash in exchange for a
Trust asset or a fractional portion of a Trust asset, you will generally
recognize gain or loss based on the difference between the amount of cash you
receive and your tax basis in such Trust asset or fractional portion.

Rollovers.

If you elect to have your proceeds from a Trust rolled over into a future
series of such Trust, the exchange would generally be considered a sale for
federal income tax purposes. Under the wash sale rules, if the series into
which you roll your proceeds holds the same or substantially identical assets,
any loss you recognize on the rollover will be disallowed.

State and Local Taxes.

Based on the advice of Carter Ledyard & Milburn, LLP, special counsel to the
Trusts for New York tax matters, under the existing income tax laws of the
State and City of New York, assuming that the Trusts are not treated as
corporations for federal income tax purposes, the Trusts will not be taxed as
corporations for New York State and New York City tax purposes, and the income
of the Trusts will be treated as the income of the Unit holders in the same
manner as for federal income tax purposes.

Regulated Investment Company Trusts.
------------------------------------

The following discussion pertains to the S&P Dividend Aristocrats Target 25
Portfolio, the S&P Target SMid 60 Portfolio, Target Diversified Dividend
Portfolio, Target Focus Four Portfolio, Target Global Dividend Leaders
Portfolio, Target Growth Portfolio, Target Triad Portfolio and Target VIP
Portfolio, each of which intends to qualify as a "regulated investment
company," commonly called a "RIC," under federal tax laws.

Trust Status.

Unit investment trusts maintain both Income and Capital Accounts, regardless
of tax structure. Please refer to the "Income and Capital Distributions"
section of the prospectus for more information.

Each Trust intends to qualify as a "regulated investment company," commonly
known as a "RIC," under the federal tax laws. If a Trust qualifies as a RIC
and distributes its income as required by the tax law, such Trust generally
will not pay federal income taxes. For federal income tax purposes, you are
treated as the owner of the Trust Units and not of the assets held by a Trust.

Income from the Trusts.

Trust distributions are generally taxable. After the end of each year, you
will receive a tax statement that separates a Trust's distributions into
ordinary income dividends, capital gain dividends and return of capital.
Income reported is generally net of expenses (but see "Treatment of Trust
Expenses" below). Ordinary income dividends are generally taxed at your
ordinary income tax rate, however, certain dividends received from a Trust may
be taxed at the capital gains tax rates. Generally, all capital gain dividends
are treated as long-term capital gains regardless of how long you have owned
your Units. In addition, a Trust may make distributions that represent a
return of capital for tax purposes and will generally not be currently taxable
to you, although they generally reduce your tax basis in your Units and thus
increase your taxable gain or decrease your loss when you dispose of your
Units. The tax laws may require you to treat distributions made to you in
January as if you had received them on December 31 of the previous year.

Some distributions from a Trust may qualify as long-term capital gains, which,
if you are an individual, is generally taxed at a lower rate than your

Page 69


ordinary income and short-term capital gain income. However, capital gain
received from assets held for more than one year that is considered
"unrecaptured section 1250 gain" (which may be the case, for example, with
some capital gains attributable to equity interests in REITs) is taxed at a
higher rate. The distributions from a Trust that you must take into account
for federal income tax purposes are not reduced by the amount used to pay a
deferred sales charge, if any. Distributions from a Trust, including capital
gains, may also be subject to a "Medicare tax" if your adjusted gross income
exceeds certain threshold amounts.

Certain Stock Dividends.

Ordinary income dividends received by an individual Unit holder from RICs such
as the Trusts are generally taxed at the same rates that apply to long-term
capital gains, provided certain holding period requirements are satisfied and
provided the dividends are attributable to qualifying dividend income ("QDI")
received by a Trust itself. Dividends that do not meet these requirements will
generally be taxed at ordinary income tax rates. After the end of the tax
year, each Trust will provide a tax statement to its Unit holders reporting
the amount of any distribution which may be taken into account as a dividend
which is eligible for the capital gains tax rates.

Unit holders that are corporations may be eligible for the dividends received
deduction with respect to certain ordinary income dividends on Units that are
attributable to qualifying dividends received by a Trust from certain
corporations.

Because certain Trusts hold REIT shares, some dividends may be designated by
the REIT as capital gain dividends and, therefore, distributions from such
Trusts attributable to such dividends and designated by the Trusts as capital
gain dividends may be taxable to you as capital gains. If you hold a Unit for
six months or less, any loss incurred by you related to the sale of such Unit
will be treated as a long-term capital loss to the extent of any long-term
capital gain distributions received (or deemed to have been received) with
respect to such Unit.

Some portion of the dividends on your Units that are attributable to dividends
received by a Trust from REIT shares may be designated by a Trust as eligible
for a deduction for qualified business income.

Sale of Units.

If you sell your Units (whether to a third party or to a Trust), you will
generally recognize a taxable gain or loss. To determine the amount of this
gain or loss, you must subtract your (adjusted) tax basis in your Units from
the amount you receive from the sale. Your original tax basis in your Units is
generally equal to the cost of your Units, including sales charges. In some
cases, however, you may have to adjust your tax basis after you purchase your
Units, in which case your gain would be calculated using your adjusted basis.

The tax statement you receive in regard to the sale or redemption of your
Units may contain information about your basis in the Units and whether any
gain or loss recognized by you should be considered long-term or short-term
capital gain. The information reported to you is based upon rules that do not
take into consideration all of the facts that may be known to you or to your
advisors. You should consult with your tax advisor about any adjustments that
may need to be made to the information reported to you in determining the
amount of your gain or loss.

Distribution Reinvestment Option.

If you elect to reinvest your distributions into additional Units, you will be
treated as if you have received your distribution in an amount equal to the
distribution you are entitled to. Your tax liability will be the same as if
you received the distribution in cash. Also, the reinvestment would generally
be considered a purchase of new Units for federal income tax purposes.

Treatment of Trust Expenses.

Expenses incurred and deducted by a Trust will generally not be treated as
income taxable to you. In some cases, however, you may be required to treat
your portion of these Trust expenses as income. You may not be able to take a
deduction for some or all of these expenses even if the cash you receive is
reduced by such expenses.

Investments in Certain Non-U.S. Corporations.

A foreign corporation will generally be treated as a passive foreign
investment company ("PFIC") if 75% or more of its income is passive income or
if 50% or more of its assets are held to produce passive income.  If a Trust
holds an equity interest in PFICs, such Trust could be subject to U.S. federal
income tax and additional interest charges on gains and certain distributions
from the PFICs, even if all the income or gain is distributed in a timely
fashion to such Trust Unit holders. A Trust will not be able to pass through
to its Unit holders any credit or deduction for such taxes if the taxes are
imposed at the Trust level. A Trust may be able to make an election that could
limit the tax imposed on such Trust. In this case, a Trust would recognize as
ordinary income any increase in the value of such PFIC shares, and as ordinary

Page 70


loss any decrease in such value to the extent it did not exceed prior
increases included in income.

Under this election, a Trust might be required to recognize income in excess
of its distributions from the PFICs and its proceeds from dispositions of PFIC
stock during that year, and such income would nevertheless be subject to the
distribution requirement and would be taken into account for purposes of
determining the application of the 4% excise tax imposed on RICs that do not
meet certain distribution thresholds. Dividends paid by PFICs are not treated
as QDI to shareholders of the PFICs.

Non-U.S. Investors.

If you are a non-U.S. investor, distributions from a Trust treated as
dividends will generally be subject to a U.S. withholding tax of 30% of the
distribution. Certain dividends, such as capital gains dividends and short-
term capital gains dividends may not be subject to U.S. withholding taxes. In
addition, some non-U.S. investors may be eligible for a reduction or
elimination of U.S. withholding taxes under a treaty. However, the
qualification for those exclusions may not be known at the time of the
distribution and some excluded income may be taken into consideration for
alternative minimum tax purposes.

Separately, the United States, pursuant to the Foreign Account Tax Compliance
Act ("FATCA") imposes a 30% tax on certain non-U.S. entities that receive U.S.
source interest or dividends if the non-U.S. entity does not comply with
certain U.S. disclosure and reporting requirements. This FATCA tax also
currently applies to the gross proceeds from the disposition of securities
that produce U.S. source interest or dividends. However, proposed regulations
may eliminate the requirement to withhold on payments of gross proceeds from
dispositions.

It is the responsibility of the entity through which you hold your Units to
determine the applicable withholding.

Foreign Tax Credit.

If a Trust directly or indirectly invests in non-U.S. stocks, the tax
statement that you receive may include an item showing foreign taxes such
Trust paid to other countries. You may be able to deduct or receive a tax
credit for your share of these taxes. A Trust would have to meet certain IRS
requirements in order to pass through credits to you.

In-Kind Distributions.

If permitted by this prospectus, as described in "Redeeming Your Units," you
may request an In-Kind Distribution of a Trust's assets when you redeem your
Units. This distribution is subject to tax, and you will generally recognize
gain or loss, generally based on the value at that time of the securities and
the amount of cash received.

Rollovers.

If you elect to have your proceeds from your Trust rolled over into a future
series of the Trust, the exchange would generally be considered a sale for
federal income tax purposes.

You should consult your tax advisor regarding potential foreign, state or
local taxation with respect to your Units.

                      Retirement Plans

You may purchase Units of the Trusts for:

- Individual Retirement Accounts;

- Keogh Plans;

- Pension funds; and

- Other tax-deferred retirement plans.

Generally, the federal income tax on capital gains and income received in each
of the above plans is deferred until you receive distributions. These
distributions are generally treated as ordinary income but may, in some cases,
be eligible for special averaging or tax-deferred rollover treatment. Before
participating in a plan like this, you should review the tax laws regarding
these plans and consult your attorney or tax advisor. Brokerage firms and
other financial institutions offer these plans with varying fees and charges.

                   Rights of Unit Holders

Unit Ownership.

Ownership of Units will not be evidenced by certificates. If you purchase or
hold Units through a broker/dealer or bank, your ownership of Units will be
recorded in book-entry form at the Depository Trust Company ("DTC") and
credited on its records to your broker/dealer's or bank's DTC account.
Transfer of Units will be accomplished by book entries made by DTC and its
participants if the Units are registered to DTC or its nominee, Cede & Co. DTC
will forward all notices and credit all payments received in respect of the
Units held by the DTC participants. You will receive written confirmation of
your purchases and sales of Units from the broker/dealer or bank through which
you made the transaction. You may transfer your Units by contacting the
broker/dealer or bank through which you hold your Units.

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Unit Holder Reports.

The Trustee will prepare a statement detailing the per Unit amounts (if any)
distributed from the Income Account and Capital Account in connection with
each distribution. In addition, at the end of each calendar year, the Trustee
will prepare a statement which contains the following information:

- A summary of transactions in the Trusts for the year;

- A list of any Securities sold during the year and the Securities held at the
end of that year by the Trusts;

- The Redemption Price per Unit, computed on the 31st day of December of such
year (or the last business day before); and

- Amounts of income and capital distributed during the year.

By February 15th yearly, the Annual Reports are posted to the Sponsor's
website (www.ftportfolios.com) in the UIT Tax Center and retrievable by CUSIP.
You may also request one be sent to you by calling the Sponsor at 800-621-
1675, dept. code 2. In addition, you may also request from the Trustee copies
of the evaluations of the Securities as prepared by the Sponsor to enable you
to comply with applicable federal and state tax reporting requirements.

              Income and Capital Distributions

You will be eligible to receive distributions, if any, on your Units only
after you become a Record Owner. The Trustee will credit dividends received on
a Trust's Securities to the Income Account of such Trust. All other receipts,
such as return of capital or capital gain dividends, are credited to the
Capital Account of such Trust. Dividends received on foreign Securities, if
any, are converted into U.S. dollars at the applicable exchange rate.

For Trusts that are structured as grantor trusts, the Trustee will distribute
money from the Income and Capital Accounts on the twenty-fifth day of each
month to Unit holders of record on the tenth day of such month. However, the
Trustee will not distribute money if the aggregate amount in the Income and
Capital Accounts, exclusive of sale proceeds, equals less than 0.1% of the net
asset value of a Trust. Undistributed money in the Income and Capital Accounts
will be distributed in the next month in which the aggregate amount available
for distribution, exclusive of sale proceeds, exceeds 0.1% of the net asset
value of a Trust. The Trustee will distribute sale proceeds in the Capital
Account, net of amounts designated to meet redemptions, pay the deferred sales
charge and creation and development fee, and pay expenses, on the twenty-fifth
day of each month to Unit holders of record on the tenth day of such month
provided the amount equals at least $1.00 per 100 Units.

For Trusts that intend to qualify as RICs and that make monthly distributions,
the Trustee will make distributions from the Income Account on or near the
Income Distribution Dates to Unit holders of record on the preceding Income
Distribution Record Date provided the amount equals at least $1.00 per 100
Units. The Trustee will distribute amounts in the Capital Account, net of
amounts designated to meet redemptions, pay the deferred sales charge and
creation and development fee or pay expenses on the twenty-fifth day of each
month to Unit holders of record on the tenth day of each month provided the
amount equals at least $1.00 per 100 Units. In any case, the Trustee may
distribute funds in the Capital Account in December of each year to avoid
imposition of any income or excise taxes on undistributed income in the Trust
and will distribute funds as part of the final liquidation distribution.

For Trusts that intend to qualify as RICs and that make semi-annual
distributions, the Trustee will distribute money from the Income Account, as
determined at the semi-annual Record Date, semi-annually on the twenty-fifth
day of June and December to Unit holders of record on the tenth day of such
months provided the amount equals at least $1.00 per 100 Units. The Trustee
will distribute money in the Capital Account monthly on the twenty-fifth day
of each month to Unit holders of record on the tenth day of such month if the
amount available for distribution from that account equals at least $1.00 per
100 Units. In any case, the Trustee may distribute funds in the Capital
Account in December of each year to avoid imposition of any income or excise
taxes on undistributed income in the Trust and will distribute funds as part
of the final liquidation distribution.

No income distribution will be paid if accrued expenses of a Trust exceed
amounts in the Income Account on the Distribution Dates. Distribution amounts
will vary with changes in a Trust's fees and expenses, in dividends received
and with the sale of Securities.

If an Income or Capital Account distribution date is a day on which the NYSE
is closed, the distribution will be made on the next day the stock exchange is
open. Distributions are paid to Unit holders of record determined as of the
close of business on the Record Date for that distribution or, if the Record
Date is a day on which the NYSE is closed, the first preceding day on which
the exchange is open.

Page 72


We anticipate that there will be enough money in the Capital Account of a
Trust to pay the deferred sales charge to the Sponsor. If not, the Trustee may
sell Securities to meet the shortfall.

Within a reasonable time after a Trust is terminated, unless you are a
Rollover Unit holder, you will receive the pro rata share of the money from
the sale of the Securities and amounts in the Income and Capital Accounts. All
Unit holders will receive a pro rata share of any other assets remaining in
their Trust, after deducting any unpaid expenses.

The Trustee may establish reserves (the "Reserve Account") within a Trust to
cover anticipated state and local taxes or any governmental charges to be paid
out of that Trust.

Distribution Reinvestment Option. You may elect to have each distribution of
income and/or capital reinvested into additional Units of a Trust by notifying
your broker/dealer or bank within the time period required by such entities so
that they can notify the Trustee of your election at least 10 days before any
Record Date. Each later distribution of income and/or capital on your Units
will be reinvested by the Trustee into additional Units of such Trust. There
is no sales charge on Units acquired through the Distribution Reinvestment
Option, as discussed under "Public Offering." This option may not be available
in all states. Each reinvestment plan is subject to availability or limitation
by the Sponsor and each broker/dealer or selling firm. The Sponsor or
broker/dealers may suspend or terminate the offering of a reinvestment plan at
any time. Because a Trust may begin selling Securities nine business days
prior to the Mandatory Termination Date, reinvestment is not available during
this period. Please contact your financial professional for additional
information. PLEASE NOTE THAT EVEN IF YOU REINVEST DISTRIBUTIONS, THEY ARE
STILL CONSIDERED DISTRIBUTIONS FOR INCOME TAX PURPOSES.

                    Redeeming Your Units

You may redeem all or a portion of your Units at any time by sending a request
for redemption to your broker/dealer or bank through which you hold your
Units. No redemption fee will be charged, but you are responsible for any
governmental charges that apply. Certain broker/dealers may charge a
transaction fee for processing redemption requests. Two business days after
the day you tender your Units (the "Date of Tender") you will receive cash in
an amount for each Unit equal to the Redemption Price per Unit calculated at
the Evaluation Time on the Date of Tender.

The Date of Tender is considered to be the date on which your redemption
request is received by the Trustee from the broker/dealer or bank through
which you hold your Units (if such day is a day the NYSE is open for trading).
However, if the redemption request is received after 4:00 p.m. Eastern time
(or after any earlier closing time on a day on which the NYSE is scheduled in
advance to close at such earlier time), the Date of Tender is the next day the
NYSE is open for trading.

Any amounts paid on redemption representing income will be withdrawn from the
Income Account if funds are available for that purpose, or from the Capital
Account. All other amounts paid on redemption will be taken from the Capital
Account.

If you tender for redemption at least 2,500 Units of The Dow(R) Target 5
Portfolio, The Dow(R) Target Dividend Portfolio, S&P Dividend Aristocrats
Target 25 Portfolio, S&P Target 24 Portfolio, S&P Target SMid 60 Portfolio,
Target Diversified Dividend Portfolio, Target Global Dividend Leaders
Portfolio, Target Growth Portfolio or Value Line(R) Target 25 Portfolio; or
5,000 Units of the Target Focus Four Portfolio, Target Triad Portfolio or
Target VIP Portfolio or such larger amount as required by your broker/dealer
or bank, rather than receiving cash, you may elect to receive an In-Kind
Distribution in an amount equal to the Redemption Price per Unit by making
this request to your broker/dealer or bank at the time of tender. However, to
be eligible to participate in the In-Kind Distribution option at redemption,
Unit holders must hold their Units through the end of the initial offering
period. No In-Kind Distribution requests submitted during the 30 business days
(10 business days in the case of the S&P Dividend Aristocrats Target 25
Portfolio, S&P Target SMid 60 Portfolio, Target Diversified Dividend
Portfolio, Target Focus Four Portfolio, Target Global Dividend Leaders
Portfolio, Target Growth Portfolio, Target Triad Portfolio or Target VIP
Portfolio) prior to a Trust's Mandatory Termination Date will be honored.
Where possible, the Trustee will make an In-Kind Distribution by distributing
each of the Securities in book-entry form to your bank's or broker/dealer's
account at DTC. This option is generally eligible only for stocks traded and
held in the United States, thus excluding most foreign Securities. The Trustee
will subtract any customary transfer and registration charges from your In-
Kind Distribution. As a tendering Unit holder, you will receive your pro rata
number of whole shares of the eligible Securities that make up the portfolio,
and cash from the Capital Account equal to the non-eligible Securities and
fractional shares to which you are entitled.

Page 73


If you elect to receive an In-Kind Distribution of Securities from the S&P
Dividend Aristocrats Target 25 Portfolio, S&P Target SMid 60 Portfolio, Target
Diversified Dividend Portfolio, Target Focus Four Portfolio, Target Global
Dividend Leaders Portfolio, Target Growth Portfolio, Target Triad Portfolio or
Target VIP Portfolio, you should be aware that it will be considered a taxable
event at the time you receive the Securities. See "Tax Status" for additional
information.

The Trustee may sell Securities to make funds available for redemption. If
Securities are sold, the size and diversification of a Trust will be reduced.
These sales may result in lower prices than if the Securities were sold at a
different time.

Your right to redeem Units (and therefore, your right to receive payment) may
be delayed:

- If the NYSE is closed (other than customary weekend and holiday closings);

- If the SEC determines that trading on the NYSE is restricted or that an
emergency exists making sale or evaluation of the Securities not reasonably
practical; or

- For any other period permitted by SEC order.

The Trustee is not liable to any person for any loss or damage which may
result from such a suspension or postponement.

The Redemption Price.

The Redemption Price per Unit is determined by the Trustee by:

adding

1. cash in the Income and Capital Accounts of a Trust not designated to
purchase Securities;

2. the aggregate underlying value of the Securities held in that Trust; and

3. dividends receivable on the Securities trading ex-dividend as of the date
of computation; and

deducting

1. any applicable taxes or governmental charges that need to be paid out of
such Trust;

2. any amounts owed to the Trustee for its advances;

3. estimated accrued expenses of such Trust, if any;

4. cash held for distribution to Unit holders of record of such Trust as of
the business day before the evaluation being made;

5. liquidation costs for foreign Securities, if any; and

6. other liabilities incurred by such Trust; and

dividing

1. the result by the number of outstanding Units of such Trust.

Any remaining deferred sales charge on the Units when you redeem them will be
deducted from your redemption proceeds. In addition, until they are collected,
the Redemption Price per Unit will include estimated organization costs as set
forth under "Fee Table."

                  Investing in a New Trust

When each Trust is about to terminate, you may have the option to roll your
proceeds into the next series of a Trust (the "New Trusts") if one is
available. We intend to create the New Trusts in conjunction with the
termination of the Trusts and plan to apply the same strategy we used to
select the portfolio for the Trusts to the New Trusts.

If you wish to have the proceeds from your Units rolled into a New Trust you
must notify the broker/dealer where your Units are held of your election prior
to that firm's cut-off date. If you make this election you will be considered
a "Rollover Unit holder."

Once all of the Securities are sold in connection with the termination of a
Trust, as described in "Amending or Terminating the Indenture," your proceeds,
less any brokerage fees, governmental charges or other expenses involved in
the sales, will be used to buy units of a New Trust or trust with a similar
investment strategy that you have selected, provided such trusts are
registered and being offered. Accordingly, proceeds may be uninvested for up
to several days. Units purchased with rollover proceeds will generally be
purchased subject to the sales charge set forth in the prospectus for such
trust.

We intend to create New Trust units as quickly as possible, depending on the
availability of the securities contained in a New Trust's portfolio. Rollover
Unit holders will be given first priority to purchase New Trust units. We
cannot, however, assure the exact timing of the creation of New Trust units or
the total number of New Trust units we will create. Any proceeds not invested
on behalf of Rollover Unit holders in New Trust units will be distributed
within a reasonable time after such occurrence. Although we believe that
enough New Trust units can be created, monies in a New Trust may not be fully
invested on the next business day.

Please note that there are certain tax consequences associated with becoming a
Rollover Unit holder. See "Tax Status." We may modify, amend or terminate this
rollover option upon 60 days notice.

Page 74


              Removing Securities from a Trust

The portfolios of the Trusts are not managed. However, we may, but are not
required to, direct the Trustee to dispose of a Security in certain limited
circumstances, including situations in which:

- The issuer of the Security defaults in the payment of a declared dividend;

- Any action or proceeding prevents the payment of dividends;

- There is any legal question or impediment affecting the Security;

- The issuer of the Security has breached a covenant which would affect the
payment of dividends, the issuer's credit standing, or otherwise damage the
sound investment character of the Security;

- The issuer has defaulted on the payment of any other of its outstanding
obligations;

- There has been a public tender offer made for a Security or a merger or
acquisition is announced affecting a Security, and that in our opinion the
sale or tender of the Security is in the best interest of Unit holders;

- The sale of Securities is necessary or advisable (i) in order to maintain
the qualification of a Trust as a "regulated investment company" in the case
of a Trust which has elected to qualify as such or (ii) to provide funds to
make any distribution for a taxable year in order to avoid imposition of any
income or excise taxes on undistributed income in a Trust which is a
"regulated investment company";

- The price of the Security has declined to such an extent, or such other
credit factors exist, that in our opinion keeping the Security would be
harmful to a Trust;

- As a result of the ownership of the Security, a Trust or its Unit holders
would be a direct or indirect shareholder of a passive foreign investment
company; or

- The sale of the Security is necessary for a Trust to comply with such
federal and/or state laws, regulations and/or regulatory actions and
interpretations which may be in effect from time to time.

Except in the limited instance in which a Trust acquires Replacement
Securities, as described in "The FT Series," a Trust structured as a grantor
trust may not, and a Trust structured as a "regulated investment company"
generally will not, acquire any securities or other property other than the
Securities. With respect to Trusts structured as grantor trusts, the Trustee,
on behalf of such Trusts, will reject any offer for new or exchanged
securities or property in exchange for a Security, such as those acquired in a
merger or other transaction. With respect to Trusts structured as "regulated
investment companies," the Trustee, on behalf of such Trusts and at the
direction of the Sponsor, will vote for or against any offer for new or
exchanged securities or property in exchange for a Security, such as those
acquired in a merger or other transaction. If such exchanged securities or
property are nevertheless acquired by a Trust, at our instruction, they will
either be sold or held in such Trust. In making the determination as to
whether to sell or hold the exchanged securities or property we may get advice
from the Portfolio Supervisor. Any proceeds received from the sale of
Securities, exchanged securities or property will be credited to the Capital
Account for distribution to Unit holders or to meet redemption requests. The
Trustee may retain and pay us or an affiliate of ours to act as agent for a
Trust to facilitate selling Securities, exchanged securities or property from
the Trusts. If we or our affiliate act in this capacity, we will be held
subject to the restrictions under the 1940 Act. When acting in an agency
capacity, we may select various broker/dealers to execute securities
transactions on behalf of the Trusts, which may include broker/dealers who
sell Units of the Trusts. We do not consider sales of Units of the Trusts or
any other products sponsored by First Trust as a factor in selecting such
broker/dealers. As authorized by the Indenture, the Trustee may also employ a
subsidiary or affiliate of the Trustee to act as broker in selling such
Securities or property. Each Trust will pay for these brokerage services at
standard commission rates.

The Trustee may sell Securities designated by us, or, absent our direction, at
its own discretion, in order to meet redemption requests or pay expenses. In
designating Securities to be sold, we will try to maintain the proportionate
relationship among the Securities. If this is not possible, the composition
and diversification of a Trust may be changed.

            Amending or Terminating the Indenture

Amendments. The Indenture may be amended by us and the Trustee without your
consent:

- To cure ambiguities;

- To correct or supplement any defective or inconsistent provision;

- To make any amendment required by any governmental agency; or

- To make other changes determined not to be adverse to your best interests
(as determined by us and the Trustee).

Page 75


Termination. As provided by the Indenture, each Trust will terminate on the
Mandatory Termination Date as stated in the "Summary of Essential
Information." The Trusts may be terminated earlier:

- Upon the consent of 100% of the Unit holders of a Trust;

- If the value of the Securities owned by such Trust as shown by any
evaluation is less than the lower of $2,000,000 or 20% of the total value of
Securities deposited in such Trust during the initial offering period
("Discretionary Liquidation Amount"); or

- In the event that Units of a Trust not yet sold aggregating more than 60% of
the Units of such Trust are tendered for redemption by underwriters, including
the Sponsor.

If a Trust is terminated due to this last reason, we will refund your entire
sales charge; however, termination of a Trust before the Mandatory Termination
Date for any other stated reason will result in all remaining unpaid deferred
sales charges on your Units being deducted from your termination proceeds. For
various reasons, a Trust may be reduced below the Discretionary Liquidation
Amount and could therefore be terminated before the Mandatory Termination Date.

Unless terminated earlier, the Trustee may begin to sell Securities in
connection with the termination of a Trust as early as nine business days
prior to, but will sell Securities no later than, the Mandatory Termination
Date. We will determine the manner and timing of the sale of Securities.
Because the Trustee must sell the Securities within a relatively short period
of time, the sale of Securities as part of the termination process may result
in a lower sales price than might otherwise be realized if such sale were not
required at this time.

If you do not elect to participate in the rollover option, you will receive a
cash distribution from the sale of the remaining Securities, along with your
interest in the Income and Capital Accounts, within a reasonable time after
your Trust is terminated. The Trustee will deduct from a Trust any accrued
costs, expenses, advances or indemnities provided for by the Indenture,
including estimated compensation of the Trustee and costs of liquidation and
any amounts required as a reserve to pay any taxes or other governmental
charges.

           Information on the Sponsor and Trustee

The Sponsor.

We, First Trust Portfolios L.P., specialize in the underwriting, trading and
wholesale distribution of unit investment trusts under the "First Trust" brand
name as well as other securities. An Illinois limited partnership formed in
1991, we took over the First Trust product line and act as Sponsor for
successive series of:

- The First Trust Combined Series

- FT Series (formerly known as The First Trust Special Situations Trust)

- The First Trust Insured Corporate Trust

- The First Trust of Insured Municipal Bonds

- The First Trust GNMA

The First Trust product line commenced with the first insured unit investment
trust in 1974. To date we have deposited more than $580 billion in First Trust
unit investment trusts. Our employees include a team of professionals with
many years of experience in the unit investment trust industry.

We are a member of FINRA and SIPC. Our principal offices are at 120 East
Liberty Drive, Wheaton, Illinois 60187; telephone number 800-621-1675. As of
December 31, 2022, the total partners' capital of First Trust Portfolios L.P.
was $102,718,144.

This information refers only to us and not to the Trusts or to any series of
the Trusts or to any other dealer. We are including this information only to
inform you of our financial responsibility and our ability to carry out our
contractual obligations. We will provide more detailed financial information
on request.

Code of Ethics. The Sponsor and the Trusts have adopted a code of ethics
requiring the Sponsor's employees who have access to information on Trust
transactions to report personal securities transactions. The purpose of the
code is to avoid potential conflicts of interest and to prevent fraud,
deception or misconduct with respect to the Trusts.

The Trustee.

The Trustee is The Bank of New York Mellon, a trust company organized under
the laws of New York. The Bank of New York Mellon has its unit investment
trust division offices at 240 Greenwich Street, New York, New York 10286,
telephone 800-813-3074. If you have questions regarding your account or your
Trust, please contact the Trustee at its unit investment trust division
offices or your financial adviser. The Sponsor does not have access to

Page 76


individual account information. The Bank of New York Mellon is subject to
supervision and examination by the Superintendent of the New York State
Department of Financial Services and the Board of Governors of the Federal
Reserve System, and its deposits are insured by the Federal Deposit Insurance
Corporation to the extent permitted by law.

The Trustee has not participated in selecting the Securities; it only provides
administrative services.

Limitations of Liabilities of Sponsor and Trustee.

Neither we nor the Trustee will be liable for taking any action or for not
taking any action in good faith according to the Indenture. We will also not
be accountable for errors in judgment. We will only be liable for our own
willful misfeasance, bad faith, gross negligence (ordinary negligence in the
Trustee's case) or reckless disregard of our obligations and duties. The
Trustee is not liable for any loss or depreciation when the Securities are
sold. If we fail to act under the Indenture, the Trustee may do so, and the
Trustee will not be liable for any action it takes in good faith under the
Indenture.

The Trustee will not be liable for any taxes or other governmental charges or
interest on the Securities which the Trustee may be required to pay under any
present or future law of the United States or of any other taxing authority
with jurisdiction. Also, the Indenture states other provisions regarding the
liability of the Trustee.

If we do not perform any of our duties under the Indenture or are not able to
act or become bankrupt, or if our affairs are taken over by public
authorities, then the Trustee may:

- Appoint a successor sponsor, paying them a reasonable rate not more than
that stated by the SEC;

- Terminate the Indenture and liquidate the Trusts; or

- Continue to act as Trustee without terminating the Indenture.

The Trustee and Unit holders may rely on the accuracy of any evaluation
prepared by the Sponsor. The Sponsor will make determinations in good faith
based upon the best available information, but will not be liable to the
Trustee or Unit holders for errors in judgment.

                      Other Information

Legal Opinions.

Our counsel is Chapman and Cutler LLP, 320 S. Canal St., Chicago, Illinois
60606. They have passed upon the legality of the Units offered hereby and
certain matters relating to federal tax law. Carter Ledyard & Milburn LLP acts
as the Trustee's counsel, as well as special New York tax counsel for the
Trusts identified as Grantor Trusts.

Experts.

The Trusts' statements of net assets, including the schedules of investments,
as of the opening of business on the Initial Date of Deposit included in this
prospectus, have been audited by Deloitte & Touche LLP, an independent
registered public accounting firm, as stated in their report appearing herein,
and are included in reliance upon the report of such firm given upon their
authority as experts in accounting and auditing.

Supplemental Information.

If you write or call the Sponsor, you will receive free of charge supplemental
information about this Series, which has been filed with the SEC and to which
we have referred throughout. This information states more specific details
concerning the nature, structure and risks of this product.

Nasdaq, Inc.

The Target VIP Portfolio is not sponsored, endorsed, sold or promoted by
Nasdaq, Inc. (including its affiliates) ("Nasdaq," with its affiliates, is
referred to as the "Corporations"). The Corporations have not passed on the
legality or suitability of, or the accuracy or adequacy of descriptions and
disclosures relating to the Target VIP Portfolio. The Corporations make no
representation or warranty, express or implied, to the owners of Units of the
Target VIP Portfolio or any member of the public regarding the advisability of
investing in securities generally or in the Target VIP Portfolio particularly,
or the ability of the Nasdaq-100 Index(R) to track general stock market
performance. The Corporations' only relationship to the Sponsor ("Licensee")
is in the licensing of the Nasdaq 100(R), Nasdaq-100 Index(R) and Nasdaq(R)
trademarks or service marks, and certain trade names of the Corporations and
the use of the Nasdaq-100 Index(R) which is determined, composed and
calculated by Nasdaq without regard to Licensee or the Target VIP Portfolio.
Nasdaq has no obligation to take the needs of the Licensee, the owners of
Units of the Target VIP Portfolio into consideration in determining, composing
or calculating the Nasdaq-100 Index(R). The Corporations are not responsible
for and have not participated in the determination of the timing of, prices at
or quantities of the Target VIP Portfolio to be issued or in the determination
or calculation of the equation by which the Target VIP Portfolio is to be
converted into cash. The Corporations have no liability in connection with the
administration, marketing or trading of the Target VIP Portfolio.

Page 77


THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED
CALCULATION OF THE NASDAQ-100 INDEX(R) OR ANY DATA INCLUDED THEREIN. THE
CORPORATIONS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE
OBTAINED BY THE LICENSEE, OWNERS OF THE TARGET VIP PORTFOLIO OR ANY OTHER
PERSON OR ENTITY FROM THE USE OF THE NASDAQ-100 INDEX(R) OR ANY DATA INCLUDED
THEREIN. THE CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY
DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
OR USE WITH RESPECT TO THE NASDAQ-100 INDEX(R) OR ANY DATA INCLUDED THEREIN.
WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE CORPORATIONS HAVE
ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT
OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Page 78


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Page 79


                                 FIRST TRUST(R)

                      Dow(R) Target 5 2Q '23 - Term 7/9/24
                    Dow(R) Target Dvd. 2Q '23 - Term 7/9/24
              S&P Dvd. Aristocrats Target 25 2Q '23 - Term 7/9/24
                       S&P Target 24 2Q '23 - Term 7/9/24
                    S&P Target SMid 60 2Q '23 - Term 7/9/24
                    Target Divsd. Dvd. 2Q '23 - Term 7/9/24
                      Target Focus 4 2Q '23 - Term 7/9/24
                Target Global Dvd. Leaders 2Q '23 - Term 7/9/24
                       Target Growth 2Q '23 - Term 7/9/24
                       Target Triad 2Q '23 - Term 7/9/24
                        Target VIP 2Q '23 - Term 7/9/24
                  Value Line(R) Target 25 2Q '23 - Term 7/9/24
                                    FT 10650

                                    Sponsor:

                          First Trust Portfolios L.P.

                           Member SIPC o Member FINRA
                             120 East Liberty Drive
                            Wheaton, Illinois 60187
                                  800-621-1675

                                    Trustee:

                          The Bank of New York Mellon

                              240 Greenwich Street
                            New York, New York 10286
                                  800-813-3074
                       24-Hour Pricing Line: 800-446-0132
    Please refer to the "Summary of Essential Information" for each Trust's
                                 Product Code.

                            ________________________

 When Units of the Trusts are no longer available, this prospectus may be used
 as a preliminary prospectus for a future series, in which case you should note
                                 the following:

  THE INFORMATION IN THE PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY
  NOT SELL, OR ACCEPT OFFERS TO BUY, SECURITIES OF A FUTURE SERIES UNTIL THAT
   SERIES HAS BECOME EFFECTIVE WITH THE SEC. NO SECURITIES CAN BE SOLD IN ANY
                      STATE WHERE A SALE WOULD BE ILLEGAL.

                            ________________________

   This prospectus contains information relating to the above-mentioned unit
   investment trusts, but does not contain all of the information about this
    investment company as filed with the SEC in Washington, D.C. under the:

              - Securities Act of 1933 (file no. 333-269584) and

              - Investment Company Act of 1940 (file no. 811-05903)

 Information about the Trusts, including their Codes of Ethics, can be reviewed
 and copied at the SEC's Public Reference Room in Washington, D.C. Information
 regarding the operation of the SEC's Public Reference Room may be obtained by
                        calling the SEC at 202-942-8090.

  Information about the Trusts is available on the EDGAR Database on the SEC's
                         Internet site at www.sec.gov.

                     To obtain copies at prescribed rates -

              Write: Public Reference Section of the SEC
                     100 F Street, N.E., Washington, D.C. 20549
     e-mail address: publicinfo@sec.gov

                                 April 6, 2023

               PLEASE RETAIN THIS PROSPECTUS FOR FUTURE REFERENCE

                                 FIRST TRUST(R)

                                 The FT Series

                             Information Supplement

This Information Supplement provides additional information concerning the
structure, operations and risks of the unit investment trusts contained in FT
10650 not found in the prospectus for the Trusts. This Information Supplement
is not a prospectus and does not include all of the information you should
consider before investing in the Trusts. This Information Supplement should be
read in conjunction with the prospectus for the Trust in which you are
considering investing.

This Information Supplement is dated April 6, 2023. Capitalized terms have
been defined in the prospectus.

                               Table of Contents

Dow Jones & Company, Inc.                                                   1
Nasdaq, Inc.                                                                2
Value Line Publishing LLC                                                   2
New York Stock Exchange                                                     3
Risk Factors
   Securities                                                               3
   Dividends                                                                3
   REITs                                                                    3
   Foreign Issuers                                                          5
   Emerging and Developing Markets                                          6
   Exchange Rates                                                           6
   Small and/or Mid Capitalization Companies                               10
Concentration
   Concentration Risk                                                      10
   Consumer Discretionary                                                  10
   Financials                                                              10
   Industrials                                                             11
   Information Technology                                                  12

Dow Jones & Company, Inc.

The Dow Jones Industrial Average, Dow Jones U.S. Select Dividend Index(sm),
S&P 500(R) Index, S&P 500(R) Dividend Aristocrats Index, S&P MidCap 400(R)
Index and S&P SmallCap 600(R) Index (collectively, the "Licensed Indexes") are
products of S&P Dow Jones Indices LLC ("SPDJI"), and have been licensed for
use by First Trust Portfolios L.P. Standard & Poor's(R), S&P(R), S&P 500(R),
S&P Dividend Aristocrats, S&P MidCap 400(R) and S&P SmallCap 600(R) are
registered trademarks of Standard & Poor's Financial Services LLC ("S&P");
DJIA(R), The Dow(R), Dow Jones(R), Dow Jones Industrial Average and Dow Jones
U.S. Select Dividend Index(sm) are trademarks of Dow Jones Trademark Holdings
LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI
and sublicensed for certain purposes by First Trust Portfolios L.P. The
Trusts, in particular The Dow(R) Target 5 Portfolio, The Dow(R) Target
Dividend Portfolio, S&P Dividend Aristocrats Target 25 Portfolio, S&P Target
24 Portfolio, S&P Target SMid 60 Portfolio, Target Focus Four Portfolio and
the Target VIP Portfolio (collectively, the "Trusts") are not sponsored,
endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective
affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices
makes no representation or warranty, express or implied, to the owners of the
Trusts or any member of the public regarding the advisability of investing in
securities generally or in the Trusts particularly or the ability of the
Licensed Indexes to track general market performance. S&P Dow Jones Indices'
only relationship to First Trust Advisors L.P. with respect to the Licensed
Indexes is the licensing of such indexes and certain trademarks, service marks
and/or trade names of S&P Dow Jones Indices or its licensors. The Licensed
Indexes are determined, composed and calculated by S&P Dow Jones Indices
without regard to First Trust Advisors L.P. or the Trusts. S&P Dow Jones
Indices have no obligation to take the needs of First Trust Advisors L.P. or
the owners of the Trusts into consideration in determining, composing or
calculating the Licensed Indexes. S&P Dow Jones Indices is not responsible for
and has not participated in the determination of the prices, and amount of the
Trusts or the timing of the issuance or sale of the Trusts or in the
determination or calculation of the equation by which the Trusts are to be
converted into cash, surrendered or redeemed, as the case may be. S&P Dow
Jones Indices has no obligation or liability in connection with the
administration, marketing or trading of the Trusts. There is no assurance that
investment products based on the Licensed Indexes will accurately track index

Page 1


performance or provide positive investment returns. S&P Dow Jones Indices LLC
is not an investment advisor. Inclusion of a security within an index is not a
recommendation by S&P Dow Jones Indices to buy, sell, or hold such security,
nor is it considered to be investment advice. Notwithstanding the foregoing,
CME Group Inc. and its affiliates, a shareholder of S&P Dow Jones Indices LLC,
may independently issue and/or sponsor financial products unrelated to Trusts,
but which may be similar to and competitive with the Trusts. In addition, CME
Group Inc. and its affiliates may trade financial products which are linked to
the performance of the Dow Jones Industrial Average and the S&P 500(R) Index.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS
AND/OR THE COMPLETENESS OF THE LICENSED INDEXES OR ANY DATA RELATED THERETO OR
ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION
(INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES
INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS,
OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR
IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY
FIRST TRUST ADVISORS L.P., OWNERS OF THE TRUSTS, OR ANY OTHER PERSON OR ENTITY
FROM THE USE OF THE LICENSED INDEXES OR WITH RESPECT TO ANY DATA RELATED
THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL
S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL,
PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF
PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED
OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT
LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY
AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND FIRST TRUST
ADVISORS L.P., OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

Nasdaq, Inc.

The "Nasdaq 100(R)," "Nasdaq-100 Index(R)," and "Nasdaq(R)" are trade or
service marks of Nasdaq, Inc. (which with its affiliates is the
"Corporations") and are licensed for use by us. The Target VIP Portfolio has
not been passed on by the Corporations as to its legality or suitability. The
Target VIP Portfolio is not issued, endorsed, sold, or promoted by the
Corporations. The Corporations make no warranties and bear no liability with
respect to the Target VIP Portfolio.

Value Line Publishing LLC

Value Line Publishing LLC's ("VLP") only relationship to First Trust
Portfolios L.P. and/or First Trust Advisors L.P. is VLP's licensing to First
Trust Portfolios L.P. and/or First Trust Advisors L.P. of certain VLP
trademarks and trade names and the Value Line(R) Timeliness(TM) Ranking System
(the "System"), which is composed by VLP without regard to First Trust
Portfolios L.P. or First Trust Advisors L.P., this product or any investor.
VLP has no obligation to take the needs of First Trust Portfolios L.P. and/or
First Trust Advisors L.P. or any investor in the product into consideration in
composing the System. The product results may differ from the hypothetical or
published results of the Value Line Timeliness Ranking System. VLP is not
responsible for and has not participated in the determination of the prices
and composition of the product or the timing of the issuance for sale of the
product or in the calculation of the equations by which the product is to be
converted into cash.

VLP MAKES NO WARRANTY CONCERNING THE SYSTEM, EXPRESS OR IMPLIED, INCLUDING BUT
NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OR ANY PERSON'S INVESTMENT PORTFOLIO, OR ANY IMPLIED
WARRANTIES ARISING FROM USAGE OF TRADE, COURSE OF DEALING OR COURSE OF
PERFORMANCE, AND VLP MAKES NO WARRANTY AS TO THE POTENTIAL PROFITS OR ANY
OTHER BENEFITS THAT MAY BE ACHIEVED BY USING THE SYSTEM OR ANY INFORMATION OR
MATERIALS GENERATED THEREFROM. VLP DOES NOT WARRANT THAT THE SYSTEM WILL MEET
ANY REQUIREMENTS OR THAT IT WILL BE ACCURATE OR ERROR-FREE. VLP ALSO DOES NOT
GUARANTEE ANY USES, INFORMATION, DATA OR OTHER RESULTS GENERATED FROM THE
SYSTEM OR THE PRODUCT. VLP HAS NO OBLIGATION OR LIABILITY (I) IN CONNECTION
WITH THE ADMINISTRATION, MARKETING OR TRADING OF THE PRODUCT; OR (II) FOR ANY
LOSS, DAMAGE, COST OR EXPENSE SUFFERED OR INCURRED BY ANY INVESTOR OR OTHER

Page 2


PERSON OR ENTITY IN CONNECTION WITH THIS PRODUCT, AND IN NO EVENT SHALL VLP BE
LIABLE FOR ANY LOST PROFITS OR OTHER CONSEQUENTIAL, SPECIAL, PUNITIVE,
INCIDENTAL, INDIRECT OR EXEMPLARY DAMAGES IN CONNECTION WITH THE PRODUCT.

New York Stock Exchange

"NYSE(R)" is a registered service/trademark of ICE Data Indices, LLC or its
affiliates and has been licensed, along with, "NYSE International 100
Index(SM)" ("Index") for use by First Trust Portfolios, L.P. ICE Data Indices,
LLC has no relationship to First Trust Portfolios L.P. other than the
licensing of the "NYSE International 100 Index(SM)" and the trademark and
service mark referenced above for use in connection with the NYSE(R)
International Target 25 Strategy.

ICE Data Indices, LLC does not: sponsor, endorse, sell or promote the NYSE(R)
International Target 25 Strategy; recommend that any person invest in the
NYSE(R) International Target 25 Strategy or any other securities; have any
responsibility or liability for or make any decision about the timing, amount
or pricing of the NYSE(R) International Target 25 Strategy; have any
responsibility or liability for the administration, management or marketing of
the NYSE(R) International Target 25 Strategy; consider the needs of the NYSE(R)
International Target 25 Strategy or the owners of the NYSE(R) International
Target 25 Strategy in determining, composing or calculating the NYSE
International 100 Index(SM) or have any obligation to do so.

ICE Data Indices, LLC will not have any liability in connection with the NYSE(R)
International Target 25 Strategy. Specifically, ICE Data Indices, LLC does
not make any warranty, express or implied, and ICE Data Indices, LLC disclaims
any warranty about: the results to be obtained by the NYSE(R) International
Target 25 Strategy, the owners of the NYSE(R) International Target 25
Strategy, or any other relevant person in connection with the use of the Index
and the data included in the Index; the accuracy or completeness of the Index
and its data; the merchantability or fitness for a particular purpose or use
of the Index and its data. ICE Data Indices, LLC will have no liability for
any errors, omissions or interruptions in the Index or its data. Under no
circumstances will ICE Data Indices, LLC be liable for any lost profits or
indirect, punitive, special or consequential damages or losses, even if ICE
Data Indices, LLC knows that they might occur. The licensing agreement between
First Trust Portfolios L.P. and ICE Data Indices, LLC is solely for their
benefit and not for the benefit of the owners of the NYSE(R) International
Target 25 Strategy or any other third parties.

Risk Factors

Securities. An investment in Units should be made with an understanding of the
risks which an investment in common stocks entails, including the risk that
the financial condition of the issuers of the Securities or the general
condition of the relevant stock market may worsen, and the value of the
Securities and therefore the value of the Units may decline. Common stocks are
especially susceptible to general stock market movements and to volatile
increases and decreases of value, as market confidence in and perceptions of
the issuers change. These perceptions are based on unpredictable factors,
including expectations regarding government, economic, monetary and fiscal
policies, inflation and interest rates, economic expansion or contraction, and
global or regional political, economic or banking crises.

Dividends. Shareholders of common stocks have rights to receive payments from
the issuers of those common stocks that are generally subordinate to those of
creditors of, or holders of debt obligations or preferred stocks of, such
issuers. Shareholders of common stocks have a right to receive dividends only
when and if, and in the amounts, declared by the issuer's board of directors
and have a right to participate in amounts available for distribution by the
issuer only after all other claims on the issuer have been paid or provided
for. Common stocks do not represent an obligation of the issuer and,
therefore, do not offer any assurance of income or provide the same degree of
protection of capital as do debt securities. The issuance of additional debt
securities or preferred stock will create prior claims for payment of
principal, interest and dividends which could adversely affect the ability and
inclination of the issuer to declare or pay dividends on its common stock or
the rights of holders of common stock with respect to assets of the issuer
upon liquidation or bankruptcy. Cumulative preferred stock dividends must be
paid before common stock dividends, and any cumulative preferred stock
dividend omitted is added to future dividends payable to the holders of
cumulative preferred stock. Preferred stockholders are also generally entitled
to rights on liquidation which are senior to those of common stockholders.

REITs. An investment in Units of the S&P Target SMid 60 Portfolio, the Target
Focus Four Portfolio and the Target Global Dividend Leaders Portfolio should
be made with an understanding of risks inherent in an investment in U.S.-based

Page 3


REITs specifically and real estate generally (in addition to securities market
risks). Generally, these include economic recession, the cyclical nature of
real estate markets, competitive overbuilding, unusually adverse weather
conditions, changing demographics, changes in governmental regulations
(including tax laws and environmental, building, zoning and sales
regulations), increases in real estate taxes or costs of material and labor,
the inability to secure performance guarantees or insurance as required, the
unavailability of investment capital and the inability to obtain construction
financing or mortgage loans at rates acceptable to builders and purchasers of
real estate. Additional risks include an inability to reduce expenditures
associated with a property (such as mortgage payments and property taxes) when
rental revenue declines, and possible loss upon foreclosure of mortgaged
properties if mortgage payments are not paid when due.

REITs are financial vehicles that have as their objective the pooling of
capital from a number of investors in order to participate directly in real
estate ownership or financing. REITs are generally fully integrated operating
companies that have interests in income-producing real estate. Equity REITs
emphasize direct property investment, holding their invested assets primarily
in the ownership of real estate or other equity interests. REITs obtain
capital funds for investment in underlying real estate assets by selling debt
or equity securities in the public or institutional capital markets or by bank
borrowing. Thus, the returns on common equities of REITs will be significantly
affected by changes in costs of capital and, particularly in the case of
highly "leveraged" REITs (i.e., those with large amounts of borrowings
outstanding), by changes in the level of interest rates. The objective of an
equity REIT is to purchase income-producing real estate properties in order to
generate high levels of cash flow from rental income and a gradual asset
appreciation, and they typically invest in properties such as office, retail,
industrial, hotel and apartment buildings and healthcare facilities.

REITs are a creation of the tax law. REITs essentially operate as a
corporation or business trust with the advantage of exemption from corporate
income taxes provided the REIT satisfies the requirements of Sections 856
through 860 of the Internal Revenue Code. The major tests for tax-qualified
status are that the REIT (i) be managed by one or more trustees or directors,
(ii) issue shares of transferable interest to its owners, (iii) have at least
100 shareholders, (iv) have no more than 50% of the shares held by five or
fewer individuals, (v) invest substantially all of its capital in real estate
related assets and derive substantially all of its gross income from real
estate related assets and (vi) distributed at least 95% of its taxable income
to its shareholders each year. If a REIT should fail to qualify for such tax
status, the related shareholders (including such Trust) could be adversely
affected by the resulting tax consequences.

The underlying value of the Securities and a Trust's ability to make
distributions to Unit holders may be adversely affected by changes in national
economic conditions, changes in local market conditions due to changes in
general or local economic conditions and neighborhood characteristics,
increased competition from other properties, obsolescence of property, changes
in the availability, cost and terms of mortgage funds, the impact of present
or future environmental legislation and compliance with environmental laws,
the ongoing need for capital improvements, particularly in older properties,
changes in real estate tax rates and other operating expenses, regulatory and
economic impediments to raising rents, adverse changes in governmental rules
and fiscal policies, dependency on management skill, civil unrest, acts of
God, including earthquakes, fires and other natural disasters (which may
result in uninsured losses), acts of war, adverse changes in zoning laws, and
other factors which are beyond the control of the issuers of REITs. The value
of REITs may at times be particularly sensitive to devaluation in the event of
rising interest rates.

REITs may concentrate investments in specific geographic areas or in specific
property types, i.e., hotels, shopping malls, residential complexes, office
buildings and timberlands. The impact of economic conditions on REITs can also
be expected to vary with geographic location and property type. Investors
should be aware that REITs may not be diversified and are subject to the risks
of financing projects. REITs are also subject to defaults by borrowers, self-
liquidation, the market's perception of the REIT industry generally, and the
possibility of failing to qualify for pass-through of income under the
Internal Revenue Code, and to maintain exemption from the Investment Company
Act of 1940. A default by a borrower or lessee may cause a REIT to experience
delays in enforcing its right as mortgagee or lessor and to incur significant
costs related to protecting its investments. In addition, because real estate
generally is subject to real property taxes, REITs may be adversely affected
by increases or decreases in property tax rates and assessments or
reassessments of the properties underlying REITs by taxing authorities.
Furthermore, because real estate is relatively illiquid, the ability of REITs
to vary their portfolios in response to changes in economic and other
conditions may be limited and may adversely affect the value of the Units.
There can be no assurance that any REIT will be able to dispose of its
underlying real estate assets when advantageous or necessary.

Page 4


The issuer of REITs generally maintains comprehensive insurance on presently
owned and subsequently acquired real property assets, including liability,
fire and extended coverage. However, certain types of losses may be
uninsurable or not be economically insurable as to which the underlying
properties are at risk in their particular locales. There can be no assurance
that insurance coverage will be sufficient to pay the full current market
value or current replacement cost of any lost investment. Various factors
might make it impracticable to use insurance proceeds to replace a facility
after it has been damaged or destroyed. Under such circumstances, the
insurance proceeds received by a REIT might not be adequate to restore its
economic position with respect to such property.

Under various environmental laws, a current or previous owner or operator of
real property may be liable for the costs of removal or remediation of
hazardous or toxic substances on, under or in such property. Such laws often
impose liability whether or not the owner or operator caused or knew of the
presence of such hazardous or toxic substances and whether or not the storage
of such substances was in violation of a tenant's lease. In addition, the
presence of hazardous or toxic substances, or the failure to remediate such
property properly, may adversely affect the owner's ability to borrow using
such real property as collateral. No assurance can be given that REITs may not
be presently liable or potentially liable for any such costs in connection
with real estate assets they presently own or subsequently acquire. Certain of
the REITs may also be Mortgage REITs. Mortgage REITs are companies that
provide financing for real estate by purchasing or originating mortgages and
mortgage-backed securities and earn income from the interest on these
investments. Mortgage REITs are also subject to many of the same risks
associated with investments in other REITs and to real estate market conditions.

Foreign Issuers. The following section applies to individual Trusts which
contain Securities issued by, or invest in securities issued by, foreign
entities. Since certain of the Securities held by the Trust consist of, or
invest in, securities issued by foreign entities, an investment in the Trust
involves certain investment risks that are different in some respects from an
investment in a trust which invests solely in the securities of domestic
entities. These investment risks include future political or governmental
restrictions which might adversely affect the payment or receipt of payment of
dividends on the relevant Securities, the possibility that the financial
condition of the issuers of the Securities may become impaired or that the
general condition of the relevant stock market may worsen (both of which would
contribute directly to a decrease in the value of the Securities and thus in
the value of the Units), the limited liquidity and relatively small market
capitalization of the relevant securities market, expropriation or
confiscatory taxation, economic uncertainties and foreign currency
devaluations and fluctuations. In addition, for foreign issuers that are not
subject to the reporting requirements of the Securities Exchange Act of 1934,
as amended, there may be less publicly available information than is available
from a domestic issuer. Also, foreign issuers are not necessarily subject to
uniform accounting, auditing and financial reporting standards, practices and
requirements comparable to those applicable to domestic issuers. The
securities of many foreign issuers are less liquid and their prices more
volatile than securities of comparable domestic issuers. In addition, fixed
brokerage commissions and other transaction costs on foreign securities
exchanges are generally higher than in the United States and there is
generally less government supervision and regulation of exchanges, brokers and
issuers in foreign countries than there is in the United States. However, due
to the nature of the issuers of the Securities selected for the Trust, the
Sponsor believes that adequate information will be available to allow the
Supervisor to provide portfolio surveillance for the Trust.

Securities issued by non-U.S. issuers may pay interest and/or dividends in
foreign currencies and may be principally traded in foreign currencies.
Therefore, there is a risk that the U.S. dollar value of these interest and/or
dividend payments and/or securities will vary with fluctuations in foreign
exchange rates.

On the basis of the best information available to the Sponsor at the present
time, none of the Securities in the Trust are subject to exchange control
restrictions under existing law which would materially interfere with payment
to the Trust of dividends due on, or proceeds from the sale of, the
Securities. However, there can be no assurance that exchange control
regulations might not be adopted in the future which might adversely affect
payment to the Trust. The adoption of exchange control regulations and other
legal restrictions could have an adverse impact on the marketability of
international securities in the Trust and on the ability of the Trust to
satisfy its obligation to redeem Units tendered to the Trustee for redemption.
In addition, restrictions on the settlement of transactions on either the
purchase or sale side, or both, could cause delays or increase the costs
associated with the purchase and sale of the foreign Securities and
correspondingly could affect the price of the Units.

Investors should be aware that it may not be possible to buy all Securities at
the same time because of the unavailability of any Security, and restrictions
applicable to the Trust relating to the purchase of a Security by reason of
the federal securities laws or otherwise.

Page 5


Foreign securities generally have not been registered under the Securities Act
of 1933 and may not be exempt from the registration requirements of such Act.
Sales of non-exempt Securities by the Trust in the United States securities
markets are subject to severe restrictions and may not be practicable.
Accordingly, sales of these Securities by the Trust will generally be effected
only in foreign securities markets. Although the Sponsor does not believe that
the Trust will encounter obstacles in disposing of the Securities, investors
should realize that the Securities may be traded in foreign countries where
the securities markets are not as developed or efficient and may not be as
liquid as those in the United States. The value of the Securities will be
adversely affected if trading markets for the Securities are limited or absent.

Emerging and Developing Markets. The following section applies to individual
Trusts which contain Securities issued by, or which invest in, companies from
certain emerging or developing markets. Compared to more mature markets, some
emerging and developing markets may have a low level of regulation,
enforcement of regulations and monitoring of investors' activities. Those
activities may include practices such as trading on material non-public
information. The securities markets of emerging and developing countries are
not as large as the more established securities markets and have substantially
less trading volume, resulting in a lack of liquidity and high price
volatility. There may be a high concentration of market capitalization and
trading volume in a small number of issuers representing a limited number of
industries as well as a high concentration of investors and financial
intermediaries. These factors may adversely affect the timing and pricing of
the acquisition or disposal of securities.

In certain emerging and developing markets, registrars are not subject to
effective government supervision nor are they always independent from issuers.
The possibility of fraud, negligence, undue influence being exerted by the
issuer or refusal to recognize ownership exists, which, along with other
factors, could result in the registration of a shareholding being completely
lost. Investors should therefore be aware that the Trust could suffer loss
arising from these registration problems. In addition, the legal remedies in
emerging and developing markets are often more limited than the remedies
available in the United States.

Practices pertaining to the settlement of securities transactions in emerging
and developing markets involve higher risks than those in developed markets,
in large part because of the need to use brokers and counterparties who are
less well capitalized, and custody and registration of assets in some
countries may be unreliable. As a result, brokerage commissions and other fees
are generally higher in emerging and developing markets and the procedures and
rules governing foreign transactions and custody may involve delays in
payment, delivery or recovery of money or investments. Delays in settlement
could result in investment opportunities being missed if the Trust is unable
to acquire or dispose of a security. Certain foreign investments may also be
less liquid and more volatile than U.S. investments, which may mean at times
that such investments are unable to be sold at desirable prices.

Political and economic structures in emerging and developing markets often
change rapidly, which may cause instability. In adverse social and political
circumstances, governments have been involved in policies of expropriation,
confiscatory taxation, nationalization, intervention in the securities market
and trade settlement, and imposition of foreign investment restrictions and
exchange controls, and these could be repeated in the future. In addition to
withholding taxes on investment income, some governments in emerging and
developing markets may impose different capital gains taxes on foreign
investors. Foreign investments may also be subject to the risks of seizure by
a foreign government and the imposition of restrictions on the exchange or
export of foreign currencies. Additionally, some governments exercise
substantial influence over the private economic sector and the political and
social uncertainties that exist for many emerging and developing countries are
considerable.

Another risk common to most emerging and developing countries is that the
economy is heavily export oriented and, accordingly, is dependent upon
international trade. The existence of overburdened infrastructures and
obsolete financial systems also presents risks in certain countries, as do
environmental problems. Certain economies also depend, to a large degree, upon
exports of primary commodities and, therefore, are vulnerable to changes in
commodity prices which, in turn, may be affected by a variety of factors.

Exchange Rates. The Target VIP Portfolio contains Securities that are
principally traded in foreign currencies and as such, involve investment risks
that are substantially different from an investment in a fund which invests in
securities that are principally traded in United States dollars. The United
States dollar value of the portfolio (and hence of the Units) and of the
distributions from the portfolio will vary with fluctuations in the United
States dollar foreign exchange rates for the relevant currencies. Most foreign
currencies have fluctuated widely in value against the United States dollar
for many reasons, including supply and demand of the respective currency, the

Page 6


rate of inflation in the respective economies compared to the United States,
the impact of interest rate differentials between different currencies on the
movement of foreign currency rates, the balance of imports and exports goods
and services, the soundness of the world economy and the strength of the
respective economy as compared to the economies of the United States and other
countries.

The post-World War II international monetary system was, until 1973, dominated
by the Bretton Woods Treaty which established a system of fixed exchange rates
and the convertibility of the United States dollar into gold through foreign
central banks. Starting in 1971, growing volatility in the foreign exchange
markets caused the United States to abandon gold convertibility and to effect
a small devaluation of the United States dollar. In 1973, the system of fixed
exchange rates between a number of the most important industrial countries of
the world, among them the United States and most Western European countries,
was completely abandoned. Subsequently, major industrialized countries have
adopted "floating" exchange rates, under which daily currency valuations
depend on supply and demand in a freely fluctuating international market. Many
smaller or developing countries have continued to "peg" their currencies to
the United States dollar although there has been some interest in recent years
in "pegging" currencies to "baskets" of other currencies or to a Special
Drawing Right administered by the International Monetary Fund. In Europe, the
euro has been developed. Currencies are generally traded by leading
international commercial banks and institutional investors (including
corporate treasurers, money managers, pension funds and insurance companies).
From time to time, central banks in a number of countries also are major
buyers and sellers of foreign currencies, mostly for the purpose of preventing
or reducing substantial exchange rate fluctuations.

Exchange rate fluctuations are partly dependent on a number of economic
factors including economic conditions within countries, the impact of actual
and proposed government policies on the value of currencies, interest rate
differentials between the currencies and the balance of imports and exports of
goods and services and transfers of income and capital from one country to
another. These economic factors are influenced primarily by a particular
country's monetary and fiscal policies (although the perceived political
situation in a particular country may have an influence as well-particularly
with respect to transfers of capital). Investor psychology may also be an
important determinant of currency fluctuations in the short run. Moreover,
institutional investors trying to anticipate the future relative strength or
weakness of a particular currency may sometimes exercise considerable
speculative influence on currency exchange rates by purchasing or selling
large amounts of the same currency or currencies. However, over the long term,
the currency of a country with a low rate of inflation and a favorable balance
of trade should increase in value relative to the currency of a country with a
high rate of inflation and deficits in the balance of trade.

The following tables set forth, for the periods indicated, the range of
fluctuation concerning the equivalent U.S. dollar rates of exchange and end-of-
month equivalent U.S. dollar rates of exchange for the United Kingdom pound
sterling and the euro:

Page 7


                             Foreign Exchange Rates

                  Range of Fluctuations in Foreign Currencies

                   United Kingdom
Annual             Pound Sterling/           Euro/
Period             U.S. Dollar               U.S. Dollar
______             _______________           ___________
1983                0.616-0.707
1984                0.670-0.864
1985                0.672-0.951
1986                0.643-0.726
1987                0.530-0.680
1988                0.525-0.601
1989                0.548-0.661
1990                0.504-0.627
1991                0.499-0.624
1992                0.498-0.667
1993                0.630-0.705
1994                0.610-0.684
1995                0.610-0.653
1996                0.583-0.670
1997                0.584-0.633
1998                0.584-0.620
1999                0.597-0.646              0.845-0.999
2000                0.605-0.715              0.967-1.209
2001                0.665-0.728              1.045-1.196
2002                0.621-0.710              0.953-1.164
2003                0.560-0.643              0.794-0.965
2004                0.514-0.570              0.733-0.846
2005                0.518-0.583              0.743-0.857
2006                0.505-0.581              0.749-0.846
2007                0.474-0.521              0.672-0.776
2008                0.492-0.695              0.625-0.803
2009                0.598-0.727              0.661-0.798
2010                0.611-0.698              0.689-0.839
2011                0.599-0.652              0.674-0.775
2012                0.614-0.653              0.743-0.829
2013                0.604-0.673              0.725-0.782
2014                0.583-0.644              0.718-0.827
2015                0.630-0.683              0.826-0.953
2016                0.672-0.825              0.867-0.963
2017                0.736-0.830              0.831-0.961
2018                0.697-0.801              0.799-0.891
2019                0.750-0.831              0.866-0.918
2020                0.732-0.871              0.813-0.936
2021                0.704-0.757              0.811-0.893
2022                0.730-0.936              0.873-1.042

Source: Bloomberg L.P.

Page 8


               End of Month Exchange Rates for Foreign Currencies

                      United Kingdom
                      Pound Sterling/        Euro/
Monthly Period        U.S. Dollar            U.S. Dollar
______________        ______________         ___________
2019:
 January                 .763                   .874
 February                .754                   .879
 March                   .767                   .891
 April                   .767                   .892
 May                     .792                   .895
 June                    .788                   .879
 July                    .822                   .903
 August                  .823                   .911
 September               .814                   .918
 October                 .773                   .897
 November                .774                   .908
 December                .754                   .892
2020:
 January                 .757                   .901
 February                .780                   .907
 March                   .805                   .907
 April                   .794                   .913
 May                     .810                   .901
 June                    .806                   .890
 July                    .764                   .849
 August                  .748                   .838
 September               .774                   .853
 October                 .772                   .859
 November                .751                   .838
 December                .732                   .819
2021:
 January                 .730                   .824
 February                .718                   .828
 March                   .726                   .853
 April                   .723                   .832
 May                     .704                   .818
 June                    .723                   .843
 July                    .719                   .842
 August                  .727                   .847
 September               .742                   .864
 October                 .731                   .865
 November                .752                   .882
 December                .739                   .880
2022:
 January                 .744                   .890
 February                .745                   .891
 March                   .761                   .904
 April                   .795                   .948
 May                     .794                   .932
 June                    .821                   .954
 July                    .822                   .978
 August                  .860                   .995
 September               .895                  1.020
 October                 .872                  1.012
 November                .829                   .961
 December                .828                   .934
2023:
 January                 .812                   .921
 February                .832                   .946
 March                   .811                   .923

Page 9


The Sponsor will estimate current exchange rates for the relevant currencies
based on activity in the various currency exchange markets. However, since
these markets are volatile and are constantly changing, depending on the
activity at any particular time of the large international commercial banks,
various central banks, large multi-national corporations, speculators and
other buyers and sellers of foreign currencies, and since actual foreign
currency transactions may not be instantly reported, the exchange rates
estimated by the Sponsor may not be indicative of the amount in United States
dollars the Trusts would receive had the Trustee sold any particular currency
in the market. The foreign exchange transactions of the Trusts will be
conducted by the Trustee with foreign exchange dealers acting as principals on
a spot (i.e., cash) buying basis. Although foreign exchange dealers trade on a
net basis, they do realize a profit based upon the difference between the
price at which they are willing to buy a particular currency (bid price) and
the price at which they are willing to sell the currency (offer price).

Small and/or Mid Capitalization Companies. The following section applies to
individual Trusts which contain Securities issued by, or invest in Securities
that hold securities issued by, small and/or mid capitalization companies.
While historically stocks of small and mid capitalization companies have
outperformed the stocks of large companies, the former have customarily
involved more investment risk as well. Such companies may have limited product
lines, markets or financial resources; may lack management depth or
experience; and may be more vulnerable to adverse general market or economic
developments than large companies. Some of these companies may distribute,
sell or produce products which have recently been brought to market and may be
dependent on key personnel.

The prices of small and mid-cap company securities are often more volatile
than prices associated with large company issues, and can display abrupt or
erratic movements at times, due to limited trading volumes and less publicly
available information. Also, because such companies normally have fewer shares
outstanding and these shares trade less frequently than large companies, it
may be more difficult for the Trusts which contain these Securities to buy and
sell significant amounts of such shares without an unfavorable impact on
prevailing market prices.

Concentration

Concentration Risk. When at least 25% of a trust's portfolio is invested in
securities issued by companies within a single sector, the trust is considered
to be concentrated in that particular sector. A portfolio concentrated in one
or more sectors may present more risks than a portfolio broadly diversified
over several sectors.

The Dow(R) Target Dividend Portfolio and the Target Focus 4 Portfolio are
concentrated in stocks of companies within the financials sector. The S&P
Dividend Aristocrats Target 25 Portfolio is concentrated in stocks of
companies within the industrials sector. The S&P Target 24 Portfolio is
concentrated in stocks of companies within the information technology sector.
The Target VIP Portfolio and the Value Line(R) Target 25 Portfolio are
concentrated in stocks of companies within the consumer discretionary sector.

Consumer Discretionary. Consumer discretionary companies, such as retailers,
media companies and consumer services companies, provide non-essential goods
and services. These companies manufacture products and provide discretionary
services directly to the consumer.  Risks inherent in an investment in the
consumer discretionary sector include the cyclicality of revenues and
earnings, changing consumer demands, regulatory restrictions, product
liability litigation and other litigation resulting from accidents, extensive
competition (including that of low-cost foreign competition), unfunded pension
fund liabilities and employee and retiree benefit costs and financial
deterioration resulting from leveraged buy-outs, takeovers or acquisitions.
In general, expenditures on consumer discretionary products will be affected
by the economic health of consumers. A weak economy with its consequent effect
on consumer spending would have an adverse effect on consumer discretionary
companies. Other factors of particular relevance to the profitability of the
sector are the effects of increasing environmental regulation on packaging and
on waste disposal, the continuing need to conform with foreign regulations
governing packaging and the environment, the outcome of trade negotiations and
the effect on foreign subsidies and tariffs, foreign exchange rates, the price
of oil and its effect on energy costs, inventory cutbacks by retailers,
transportation and distribution costs, health concerns relating to the
consumption of certain products, the effect of demographics on consumer
demand, the availability and cost of raw materials and the ongoing need to
develop new products and to improve productivity.

Financials. Companies in the financials sector include regional and money
center banks, securities brokerage firms, asset management companies, savings
banks and thrift institutions, specialty finance companies (e.g., credit card,
mortgage providers), insurance and insurance brokerage firms, consumer finance
firms, financial conglomerates, foreign banking and financial companies.

Page 10


Financial companies are subject to extensive governmental regulation which
limits their activities and may affect their ability to earn a profit from a
given line of business. Government regulation may change frequently and may
have significant adverse consequences for companies in the financials sector,
including effects not intended by the regulation. New legislation and
regulatory changes could cause business disruptions, result in significant
loss of revenue, limit financial firms' ability to pursue business
opportunities, impact the value of business assets and impose additional costs
that may adversely affect business. There can be no assurance as to the actual
impact these laws and their implementing regulations, or any other
governmental program, will have on any individual financial company or on the
financial markets as a whole. Companies in the financials sector may also be
the targets of hacking and potential theft of proprietary or customer
information or disruptions in service, which could have a material adverse
effect on their businesses.

In addition, general economic conditions are important to the operations of
these companies, and financial difficulties of borrowers may have an adverse
effect on the profitability of financial companies. Financial companies can be
highly dependent upon access to capital markets, and any impediments to such
access, such as adverse overall economic conditions or a negative perception
in the capital markets of a financial company's financial condition or
prospects, could adversely affect its business. Deterioration of credit
markets can have an adverse impact on a broad range of financial markets,
causing certain financial companies to incur large losses. In these
conditions, companies in the financials sector may experience significant
declines in the valuation of their assets, take actions to raise capital and
even cease operations. Some financial companies may also be required to accept
or borrow significant amounts of capital from government sources and may face
future government-imposed restrictions on their businesses or increased
government intervention. However, there is no guarantee that governments will
provide any such relief in the future. These actions may cause the securities
of many companies in the financials sector to decline in value.

Banks, thrifts and their holding companies are especially subject to the
adverse effects of economic recession; volatile interest rates; portfolio
concentrations in geographic markets, in commercial and residential real
estate loans or any particular segment or industry; and competition from new
entrants in their fields of business. Banks, thrifts and their holding
companies are subject to extensive federal regulation and, when such
institutions are state-chartered, to state regulation as well. Such
regulations impose strict capital requirements and limitations on the nature
and extent of business activities that banks and thrifts may pursue.
Regulatory actions, such as increases in the minimum capital requirements
applicable to banks and thrifts and increases in deposit insurance premiums
required to be paid by banks and thrifts to the FDIC, can negatively impact
earnings and the ability of a company to pay dividends. Neither federal
insurance of deposits nor governmental regulations, however, insures the
solvency or profitability of banks or their holding companies, or insures
against any risk of investment in the securities issued by such institutions.

Interest rate levels, general economic conditions and price and marketing
competition also affect insurance company profits. Companies involved in the
insurance industry are engaged in underwriting, reinsuring, selling,
distributing or placing of property and casualty, life or health insurance.
Property and casualty insurance profits may also be affected by weather
catastrophes and other disasters. Life and health insurance profits may be
affected by mortality and morbidity rates. Individual companies may be exposed
to material risks including reserve inadequacy and the inability to collect
from reinsurance carriers. Insurance companies are subject to extensive
governmental regulation, including the imposition of maximum rate levels,
which may not be adequate for some lines of business. Proposed or potential
tax law changes may also adversely affect insurance companies' policy sales,
tax obligations, and profitability. In addition to the foregoing, profit
margins of these companies continue to shrink due to the commoditization of
traditional businesses, new competitors, capital expenditures on new
technology and the pressures to compete globally. All insurance companies are
subject to state laws and regulations that require diversification of their
investment portfolios and limit the amount of investments in certain
investment categories. Failure to comply with these laws and regulations would
cause non-conforming investments to be treated as non-admitted assets for
purposes of measuring statutory surplus and, in some instances, would require
divestiture associations.

Industrials. The profitability of industrial companies will be affected by
various factors including the general state of the economy, intense
competition, domestic and international politics, excess capacity and spending
trends. The Internet may also influence the industrial market. Customers'
desire for better pricing and convenience, as well as manufacturers' desire to
boost profitability by finding new avenues of sales growth and productivity
gains, may drive many industrial manufacturers to invest heavily in Internet
hardware and software. Because the Internet allows manufacturers to take
orders directly from customers, thus eliminating the middlemen from both
supply chains and distributors, industrial makers may no longer need

Page 11


traditional third-party outfits to distribute their products. In addition, the
Internet may also allow industrial manufacturers to cut inventory levels, by
enabling customers to tailor their orders to their specific needs.

Industrial companies may also be affected by factors more specific to their
individual industries. Industrial machinery manufacturers may be subject to
declines in consumer demand and the need for modernization. Agricultural
equipment businesses may be influenced by fluctuations in farm income, farm
commodity prices, government subsidies and weather conditions. The number of
housing starts, levels of public and non-residential construction including
weakening demand for new office and retail space, and overall construction
spending may adversely affect construction equipment manufacturers, while
overproduction, consolidation and weakening global economies may lead to
deteriorating sales for truck makers.

Information Technology. Technology companies generally include companies
involved in the development, design, manufacture and sale of computers and
peripherals, software and services, data networking/communications equipment,
Internet access/information providers, semiconductors and semiconductor
equipment and other related products, systems and services. The market for
these products, especially those specifically related to the Internet, is
characterized by rapidly changing technology, rapid product obsolescence,
cyclical market patterns, evolving industry standards and frequent new product
introductions. The success of the issuers of the Securities depends in
substantial part on the timely and successful introduction of new products. An
unexpected change in one or more of the technologies affecting an issuer's
products or in the market for products based on a particular technology could
have a material adverse effect on an issuer's operating results. Furthermore,
there can be no assurance that the issuers of the Securities will be able to
respond in a timely manner to compete in the rapidly developing marketplace.

Based on trading history of common stock, factors such as announcements of new
products or development of new technologies and general conditions of the
industry have caused and are likely to cause the market price of high-
technology common stocks to fluctuate substantially. In addition, technology
company stocks have experienced extreme price and volume fluctuations that
often have been unrelated to the operating performance of such companies. This
market volatility may adversely affect the market price of the Securities and
therefore the ability of a Unit holder to redeem Units at a price equal to or
greater than the original price paid for such Units.

Some key components of certain products of technology issuers are currently
available only from single sources. There can be no assurance that in the
future suppliers will be able to meet the demand for components in a timely
and cost effective manner. Accordingly, an issuer's operating results and
customer relationships could be adversely affected by either an increase in
price for, or an interruption or reduction in supply of, any key components.
Additionally, many technology issuers are characterized by a highly
concentrated customer base consisting of a limited number of large customers
who may require product vendors to comply with rigorous industry standards.
Any failure to comply with such standards may result in a significant loss or
reduction of sales. Because many products and technologies of technology
companies are incorporated into other related products, such companies are
often highly dependent on the performance of the personal computer,
electronics and telecommunications industries. There can be no assurance that
these customers will place additional orders, or that an issuer of Securities
will obtain orders of similar magnitude as past orders from other customers.
Similarly, the success of certain technology companies is tied to a relatively
small concentration of products or technologies. Accordingly, a decline in
demand of such products, technologies or from such customers could have a
material adverse impact on issuers of the Securities.

Many technology companies rely on a combination of patents, copyrights,
trademarks and trade secret laws to establish and protect their proprietary
rights in their products and technologies. There can be no assurance that the
steps taken by the issuers of the Securities to protect their proprietary
rights will be adequate to prevent misappropriation of their technology or
that competitors will not independently develop technologies that are
substantially equivalent or superior to such issuers' technology. In addition,
due to the increasing public use of the Internet, it is possible that other
laws and regulations may be adopted to address issues such as privacy,
pricing, characteristics, and quality of Internet products and services. The
adoption of any such laws could have a material adverse impact on the
Securities in the Trust.

Like many areas of technology, the semiconductor business environment is
highly competitive, notoriously cyclical and subject to rapid and often
unanticipated change. Recent industry downturns have resulted, in part, from
weak pricing, persistent overcapacity, slowdown in Asian demand and a shift in
retail personal computer sales toward the low end, or "sub-$1,000" segment.
Industry growth is dependent upon several factors, including: the rate of
global economic expansion; demand for products such as personal computers and
networking and communications equipment; excess productive capacity and the

Page 12


resultant effect on pricing; and the rate of growth in the market for low-
priced personal computers.

The social media industry is also highly competitive and subject to the risks
involved with information technology companies, namely, short product life
cycles, evolving industry standards, loss of patent protections, rapidly
changing technologies and frequent new product introductions.  Additional
risks generally applicable to social media companies include, without
limitation: disruption of services due to internal or external technical
issues; security breaches of private, proprietary and confidential
information; and evolving laws and regulations, foreign or domestic, that
could negatively affect operations. Furthermore, the sustainability of the
business models employed by social media companies remain largely unproven.

Page 13

Undertaking

Subject to the terms and conditions of Section 15(d) of the Securities Exchange Act of 1934, the undersigned registrant hereby undertakes to file with the Securities and Exchange Commission such supplementary and periodic information, documents, and reports as may be prescribed by any rule or regulation of the Commission heretofore or hereafter duly adopted pursuant to authority conferred in that section.

CONTENTS OF REGISTRATION STATEMENT

A. Bonding Arrangements of Depositor:

First Trust Portfolios L.P. is covered by a Brokers' Fidelity Bond, in the total amount of $2,000,000, the insurer being National Union Fire Insurance Company of Pittsburgh.

B. This Registration Statement on Form S-6 comprises the following papers and documents:

The facing sheet

The Prospectus

The signatures

Exhibits

S-1

SIGNATURES

The Registrant, FT 10650, hereby identifies The First Trust Special Situations Trust, Series 4; The First Trust Special Situations Trust, Series 18; The First Trust Special Situations Trust, Series 69; The First Trust Special Situations Trust, Series 108; The First Trust Special Situations Trust, Series 119; The First Trust Special Situations Trust, Series 190; FT 286; The First Trust Combined Series 272; FT 412; FT 438; FT 556; FT 754; FT 1102; FT 1179; FT 2935; FT 3320; FT 3367; FT 3370; FT 3397; FT 3398; FT 3400; FT 3451; FT 3480; FT 3529; FT 3530; FT 3568; FT 3569; FT 3570; FT 3572; FT 3615; FT 3647; FT 3650; FT 3689; FT 3690; FT 3729; FT 3780; FT 3940; FT 4020; FT 4037; FT 4143; FT 4260; FT 4746; FT 4789; FT 5039; FT 5415; FT 7033; FT 7256; FT 7935; FT 8495; FT 8669; FT 8713; FT 8740; FT 8746; FT 8758; FT 8817; FT 8955; FT 8956; FT 8965; FT 8976; FT 8978; FT 8993; FT 8994; FT 8997; FT 9039; FT 9040; FT 9042; FT 9058; FT 9068; FT 9203; FT 9204; FT 9303; FT 9305; FT 9326; FT 9327; FT 9372; FT 9401; FT 9402; FT 9403; FT 9474; FT 9513; FT 9514; FT 9611; FT 9630; FT 9709; FT 9872; FT 9908; FT 9911; FT 9923; FT 9937; FT 9950; FT 9961; FT 9977; FT 9978; FT 10051; FT 10057; FT 10105; FT 10109; FT 10121; FT 10272; FT 10295; FT 10323; FT 10412; FT 10447; FT 10455; FT 10475; FT 10528 and FT 10583 for purposes of the representations required by Rule 487 and represents the following:

(1) that the portfolio securities deposited in the series with respect to which this Registration Statement is being filed do not differ materially in type or quality from those deposited in such previous series;

(2) that, except to the extent necessary to identify the specific portfolio securities deposited in, and to provide essential financial information for, the series with respect to the securities of which this Registration Statement is being filed, this Registration Statement does not contain disclosures that differ in any material respect from those contained in the registration statements for such previous series as to which the effective date was determined by the Commission or the staff; and

(3) that it has complied with Rule 460 under the Securities Act of 1933.

Pursuant to the requirements of the Securities Act of 1933, the Registrant, FT 10650, has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Wheaton and State of Illinois on April 6, 2023.

FT 10650

By: First Trust Portfolios L.P.
Depositor

By: /s/ Elizabeth H. Bull
Senior Vice President

S-2

Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following person in the capacity and on the date indicated:

Name	Title*	Date
James A. Bowen	Director of The Charger Corporation, the General Partner of First Trust Portfolios L.P., and Chief Executive Officer of First Trust Portfolios L.P.	) ) ) )By: /s/ Elizabeth H. Bull )    Attorney-in-Fact** )    April 6, 2023
James M. Dykas	Chief Financial Officer of First Trust Portfolios L.P.	) )
Christina Knierim	Controller of First Trust Portfolios L.P.	) )

* The title of the person named herein represents his or her capacity in and relationship to First Trust Portfolios L.P., the Depositor.

** Executed copies of the related powers of attorney were filed with the Securities and Exchange Commission in connection with the Amendment No. 1 to Form S-6 of FT 10589 (File No. 333-269195) and the same is hereby incorporated herein by this reference.

S-3

CONSENT OF COUNSEL

The consent of counsel to the use of its name in the Prospectus included in this Registration Statement is contained in its opinion filed as Exhibits 3.1, 3.2 and 3.3 of the Registration Statement.

Consent of Independent Registered Public Accounting Firm

The consent of Deloitte & Touche LLP to the use of its name in the Prospectus included in the Registration Statement is filed as Exhibit 4.1 to the Registration Statement.

S-4

EXHIBIT INDEX

1.1 Standard Terms and Conditions of Trust for FT 10292 and certain subsequent Series, effective September 7, 2022 among First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Trustee and First Trust Advisors L.P., as Portfolio Supervisor (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-266325] filed on behalf of FT 10292).

1.1.1 Trust Agreement for FT 10650, effective April 6, 2023 among First Trust Portfolios L.P., as Depositor, The Bank of New York Mellon, as Trustee, and First Trust Advisors L.P., as Portfolio Supervisor.

1.2 Certificate of Limited Partnership of Nike Securities, L.P., predecessor of First Trust Portfolios L.P. (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.3 Amended and Restated Limited Partnership Agreement of Nike Securities, L.P., predecessor of First Trust Portfolios L.P. (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.4 Articles of Incorporation of Nike Securities Corporation, predecessor to The Charger Corporation, the general partner of First Trust Portfolios L.P., Depositor (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-230481] filed on behalf of FT 8001).

1.5 By-Laws of The Charger Corporation, the general partner of First Trust Portfolios L.P., Depositor (incorporated by reference to Amendment No. 2 to Form S-6 [File No. 333-169625] filed on behalf of FT 2669).

1.7 Fund of Funds Agreements (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-261661] filed on behalf of FT 9909, Amendment No. 1 to Form S-6 [File No. 333-261297] filed on behalf of FT 9857, Amendment No. 1 to Form S-6 [File No. 333-262164] filed on behalf of FT 9948, Amendment No. 1 to Form S-6 [File No. 333-262344] filed on behalf of FT 9965 and Amendment No. 1 to Form S-6 [File No. 333-263845] filed on behalf of FT 10083).

2.2 Code of Ethics (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-224320] filed on behalf of FT 7359).

S-5

3.1 Opinion of counsel as to legality of securities being registered.

3.2 Opinion of counsel as to Federal income tax status of securities being registered.

3.3 Opinion of counsel as to New York (state and city) tax status of securities being registered.

4.1 Consent of Independent Registered Public Accounting Firm.

6.1 List of Principal Officers of the Depositor (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-236093] filed on behalf of FT 8556).

7.1 Powers of Attorney executed by the Officers listed on page S-3 of this Registration Statement (incorporated by reference to Amendment No. 1 to Form S-6 [File No. 333-269195] filed on behalf of FT 10589).

S-6